Ann: A$25million Equity Capital Raise, page-170

Because equity research departments primarily cover large cap companies, and because of the increased complexity of some companies, small to medium firms will employ a research company, such as Pitt Street Research, for coverage that simplifies what they do and their strategy to grow the business.

Part of this research includes ascertaining a value for the business. In this case it was determined that the acquisition of Israel-based start-up Habana Labs for US$2BN in 2019 by Intel was a good fit. When Intel acquired Habana Labs, this company had already launched the Goya chip for inference processing in September 2018 and the Gaudi chip for training in June 2019, but was not generating significant revenues just yet.

Part of their service includes distributing reports directly to Bloomberg, S&P Global, Thomson Reuters as well as social media.

The everyday trading price reflects the emotions of traders (capable of increasing/decreasing in an instant) and not the total worth of the enterprise.