Ann: Market Update and Appendix 4C December Quarter 2019, page-3

This is a really great report and shows how strong the management team are in terms of cost control and product development. They've launched a new product line, while making a substantial profit (for their company size) of 1.3million in a single quarter.

Even if Zoleo doesn't have the immediate impact that some here expect, 1.3mil per quarter would be around 5million annualised, or a PE currently of less than 4... but we know it's cyclical, plus there is prod dev costs, so its more like a PE of 8-10, but that's still undervalued for a growth company with a solid moat in a niche but expanding industry.