@pianopianoMy point on AURA IQ is that they initially mentioned...

@pianopiano
My point on AURA IQ is that they initially mentioned in in 2019 and it's still has not been deployed/sold

On FFT, if you look at below, the division would arguably not have been profitable without IMOD if you make the assumption that IMOD revenues drops straight down to the EBITDA/PBT.....perhaps 1H2020 was profitable, but they needed ~8.5m in normal sales excluding IMOD to be profitable which IMO is why the price is depressed......they need consistent sales to have this division carry its own weight else like 4Q this year, the EBITDA profit from the Logistics division is going to have to offset the EBITDA loss in FFS.

On the plus side BQT/Access Control is doing well....that division has had the benefit of the Department of Defence order, but their margins and economics are much better than the traditional FFS business (they should do more IMOD type deals with the manufacturing outsourced to a low cost provider.....if that does not damage their control over the IP).

Anyway, with EPS of 4.6c for 1H2021 already banked and another 1c in 2H21 (based on FY21 EBITDA of 13-15m) it's trading at a PE of ~6.5 with all the optionality of AURA IQ and the backlog of orders in FFT (although I suspect 1H22 is also going to be covid impacted in India and South Amer).

	Segment Revenues		1H 2019	2H 2019	1H 2020	2H 2020	1H 2021
1	Perimeter Security		6,371	6,075	9,809	7,930	13,139
2	Access Control Solutions		2,833	1,481	2,045	2,450	4,616
3	International Valuable Logistics		8,473	7,406	9,174	16,377	18,644
4	Eliminations		-975	22	-573	-572	-627
5	Total		16,702	14,984	20,455	26,185	35,772
6	o/w IMOD sales (excl tax credit)				1,343	3,438	7,726
7	Segment EBITDA
8	Perimeter Security		-1,216	-1,440	1,941	2,329	5,971
9	Access Control Solutions		-431	318	-164	938	2,443
10	International Valuable Logistics		-101	9	404	1,981	3,748
11	Eliminations			0		0
12	Total		-1,748	-1,113	2,181	5,248	12,162
13
14	Segment Profit/Loss
15	Perimeter Security		-1,560	-1,732	1,450	1,847	5,470
16	Access Control Solutions		-741	201	-611	110	2,135
17	International Valuable Logistics		-354	-543	103	2,043	3,423
18	Eliminations		0	0	0	0	0
19	Total		-2,655	-2,074	942	4,000	11,028