Ann: Becoming a substantial holder, page-10

these market caps are at least a week or two old but the clear argument for BOD as consistent revenue at low market cap is compelling

why is revenue right measure ? simple as these markets are all new and thus there is a land grab going on, whoever acheives market share over next 12 months will be well placed to deliver proper incomes in future

BOD looks a stand out (ex EXL which continues to deliver great returns to shareholders but remains super cheap to US and Canadian peers)

	ASX Code	Company	Mkt Cap	Ratio (mkt cap / revenue)	03/2019	Quarterly Revenue from 4C 12/2018
1	AGH	ALTHEA	23.4	28.5		$82
2	BDA	BOD AUSTRALIA	31.9	4.5		$704
3	ZLD	ZELDA THERAPEUTICS	41.0			$0
4	MXC	MGC PHARMA	51.0	6.9		$744
5	CPH	CRESO PHARMA	55.0	25.1		$219
6	MDC	MEDLAB CLINICAL	87.0	6.9		$1,269
7	AC8	AUSCANN	188.0			$0
8	CAN	CANN GROUP	297.0			$1
9	EXL	ELIXINOL	411.0	3.6		$11,334