Ann: XTEK Upgrades FY23 Forecast, page-17

I agree with Holdtight that Regal's holding will depress XTE SP until they are gone. Even at these prices they would be well ahead having had the nerve to buy in right at the bottom when other instos were not interested. It is odd now XTE seems to be doing so well that no one has offered to take Regal out. That assumes of course that Regal want out as their earlier selling suggests. Removing the uncertainty about Regal would itself allow re-rating even without details of the SUAS support contract and further ballistics sales.