Yes, I totally agree on that comment. In the absence of certainty around financing, the valuations is really hard to nail down.
In a bullish scenario, with the *existing pipeline of work*, this could 10x from here (current EV of $24m, and my calcs show a potential EV of $215m by 2030). But, this is based on no further capital raising and dilution. And it relies on inflation only impacting the previously contracted works. If they continue to write contracts and then the prices of inputs surge, their margins will be squashed.
Still, 12c is f'ing ridiculous. Arguably one of the best risk/reward small caps on the market to my mind.
DEL Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
