Dilution too plays a big part when you compare time periods, and is easily forgotten. I may be incorrect, but I think our market cap has increased since those days, so that does better at reflecting the progress, but if the shares on issue then double, you can have a worse off share price.
It is probably the most forgotten factor at this end of the market. The battle is always between value vs dilution. A lot of investors would have picked right investing in a company that goes from $50mil to $200mil, but if shares on issue went from 50,000 to 300,000, they'll be looking at a loss SP wise.
Dilution kills holders, even of companies that succeed at most of their goals, if Share Price increase is the only way the company can return capital to investors. It can eliminate 90% of investments that seem wise when you predict it will increase in value, but how many shares do they issue to get there?
Just general example, not specifically talking about MOD.
MOD Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
