My point is that I've never seen CALLS materialise. We see...

My point is that I've never seen CALLS materialise. We see bigtime baggers all the time - PSY (2 years ago), AZK. Both of those happened on unexpected news - nobody called it (except for blatant rampers who don't even know what the company does) based on the fundamentals of the company before the breakout.

And the reason is simply that the ASX is not rational.

I do agree with you that TV2 ought to be worth a lot more than it's trading for now, and I DO expect it to be worth even more than that over the coming months. I'm just not so confident in the rest of the market's ability to appreciate this (or any company for that matter) objectively.