At the end of last year, after the cap raise, I thought MEL was undervalued compared with VEN. But with the recent fall in VEN's share price (down 25% this year), I think they are both equally undervalued now. VEN is now 2.63 times the market cap of MEL.
But if VEN goes under 6c (which is unlikely without bad news IMO) while MEL's share price stays the same, the balance will tip towards VEN IMO
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