Ann: Half Year Presentation, page-4

I do not look at the stock close enough to be concerned about NTA , as I tend to not look at book value of tech stocks , sort of like looking at the irrelevance of book value of Microsoft for FA as most of the value is in intangible IP which they do not want to "overvalue" on the books for statutory reasons ie paying extra tax on capital gains rather than keeping that tax money for working capital

Maybe NTA is valid for a banker's perspective if looking at their loans from a LTV or ICR perspective but from memory these guys do not have much borrowings maybe they could have more from a WACC perspective for return on capital but that has its own risks ie with higher interest rates

SO looking at it from an investor perspective They seem to be not burning too much cash so dilution is not too much of an issue going forward and have a # of quarters before needing an equity injection .
and as I intonated previously revenues are increasing PCP without hurting margins ie they are not discounting to get sales .
Also now they are getting multiple product revenue streams which reduces seasonal variations in cashflow and technology risk from competing products plus may be synergistic
They have increased inventory so higher payables so need more working capital its a leading indicator legitimising their opinion of expanded production needed for increasing future sales