Ann: Quarterly Activities Report and Appendix 4C - Mar-2025 Qtr, page-141

If IPD is a trainwreck then all, probably 1000+ listed unprofitable ASX stocks would be that as well.

The 24c, about $400m MC back then was based on less income than now. Just based on expectations which, and that's open to speculation, were either realistic or way over the top.

Currently IPD runs on a deficit and that would, according to some PE or profit ratios, justify a sp of 0.1c if only that criteria would be applied. Like junior mining stocks getting valued just on income after the first sale and hence getting crashed, any other stock going through that transition from expectation to reality, will be exposed to that change. Have a look at BDX, EYE, W2V, DVL, CC5....., all got through a similar transition but when there is just a tiny hint about CF+ the sp direction reverses very quickly.

Whether the current sales numbers are the max possible or just a result of incompetent people running the show is difficult to determine as we have no insider knowledge. We have to rely on the numbers reported as well as some indications / forecasts given and being realistically, maybe 3c is what IPD should be valued at. Hundreds of comps that had sp in the 20c or even $ range are back sub 5c due to lack of income and meeting expectations that sometimes were supported by management's exaggerated outlooks or just simply as a result of a greedy market's over valuations.

I will measure IPD's team's abilities on this 4C. We were indicated a stronger result than the previous quarter and an Easter Holiday excuse can't be applied due to 1st quarter holiday season. If there is no improvement then I will sell out, otherwise I will hold and add.

GLTA