Ann: EGM Management Presentation, page-61

I'd already typed mine before I saw yours.

To comment on yours, I totally align with what you are saying. Our numbers are the same, except i'm considering FY22 and you're considering CY2021 so we are out of phase by 6 months.

As they are not profit making and I dont care to estimate their running costs, I've stuck with a P/S in stead of P/E, but I agree that what you have said is plausible.

But, it is just that.. plausible! and alignts with my last scenario they they are making a healthy profit in FY22 and fair value is 30c+

All that being said, right now, with no gurantee, no real information from management other than financials.. a P/S of 6 and SP of 8c is my conservative fair value.

Upside is huge, so lets wait and see what the next few quarters bring