4c party, page-5

Morningstar valuations and analysis are worthless. It's a computer generated result based upon a complex algorithm. To suggest it makes allowance for news not yet released to the market is just insane. Unless computer boffins have actually invented the Hal 2000 it doesn't 'know' anything we don't.
The report itself says its valuation uncertainty is very high. It also describes Norwoods financial health as moderate. Given it has three months of cash supply I'd contest that.
In another stock I look at Lynas, it gives the same Quantitative moat value as Norwood of 'none'. Outside of China there are no producers of Lynas rare earth product. Lynas has a monopoly yet the analysis says it has no competitive position.
Even Norwood has a suite of products that are unique, it's just no one has decided they need them yet. I'd say it had a narrow quantitative moat at least.
At least the investors in Norwood understand its a gamble. Morningstar is attempting to provide a statistical analysis that values that gamble - impossible.