Ann: Full Year Statutory Accounts - Year Ended 31 December 2018, page-19

Well put Ben. Market would never favour a lumpy "success fee" model business... will always trade on discounted valuation, similar to cylical or speculative stocks.

At least WND is improving the ESG metrics of my portfolio. I can feel green and self-righteous, like when I eat mock-meats and drink Fairtrade coffee.

If even Kennedy were completed. (And valued accordingly) WND must be pretty close to book value. Maybe it is time they ditch the "development / grid connection phase of their business model and look to exit projects sooner (as per their US operations / Greenich)... seem to have a better track record in the earlier phases (site development / analysis) than the construction phase. And surely - they are very different skillsets for a small team of ~10 staff in Canberra.