K-TIG is now a 10x multi from these levels, page-7

I’m not sure your analysis is correct. For instance the $100m looks to be the opportunity with Hanwha of which I am guessing the welding component is a very small part. Also as KTG operate under the WAAS model its revenue would be determined by how many meters are welded. So while the welds meet the required quality it all depends how much is welded. Further it’s not clear whether this is going to be the only welding technology used in these defence projects as there may be limitations as the how and where the machines can be used. It’s all unclear and this is why I put a lot of weight on director buying as I like to focus on the actions of management/directors rather than presentations pointing to massive macro market sizes with very little detail specific to the actual product itself. This has been a theme with KTG since listing where revenue has been insignificant but we continue to hear about these massive markets and lots of director selling when they IPO’d and really no director buying since.

i don’t want to come across negative, as I think it’s a great story, but also want to point out areas I think investors should be looking out for as potential traps. Going by what management do rather than what they say has served me well in the past.