Ann: Alcidion Announces Appendix 4E - FY17 Preliminary Report, page-45

Buyers in this must be some of the stingiest i'v seen. People are happy to value an infant formula/milk company btween $140-$200m MC making $3m net loss ($4.5m rev) FY17 based purely on 'growth potential', yet give ALC a miserly $30m MC despite $4m rev at almost break-even (with profitability in FY18). If people want potential, one only needs to look at the qrtrly of ALC to see the potential contracts/earnings in it's pipeline!

Only reason why i believe market is not valuing this properly is because there are no obvious 'big brother' comparisons, at least in Australia. With milk/mining companies etc, one can make simple comparisons with other like for like products/companies (eg, a2m, bal etc) driving them to larger valuations purely on 'potential' despite making losses.

No doubt it's just a matter of time for ALC. With contract wins continuing to roll in, expansion taking place, profitability in the wings, market can't keep ignoring it. Again, right product, right time, right space.