most undervalued co on the asx, page-9

Or think of it this way...

Valuation Issued Shares (m) Share Price Market Cap(A$m)
Fully paid shares 50.13 $0.48 $24.1
Options 28.1 $0.48 $13.5
Cash from options $7.7
Diluted Market Cap $29.8
Cash $5.7 + $3 (from government grant)
Debt $0.0
Enterprise Value $24.2


would mean enterprise value of $21.2mil.

Or have we included the 3mil grant already..