Agree Ivan.I think MWR is a pretty close comparable. Their...

Agree Ivan.

I think MWR is a pretty close comparable. Their businesses are not too dissimilar given both have a hardware component and a recurring revenue/software component. Both have a similar history.

If you compare them on any metric it makes BCC look very cheap.

MWR EV/revenue is 5x vs BCC at 0.7x (need to account for lower GM)

MWR EV/EBITDA is 40x vs BCC at 6x.

BCC is generating roughly double the EBITDA run-rate that MWR is (c.$2m vs c.$1m) yet BCC capped at just $13m vs MWR at >$40m.

FY19 will be strong and FY20 will benefit from WE and GO orders with any new product revenue a bonus.

What kicked off MWR’s run was their new product launch. BCC said in the above presentation that new products and JVs are coming.

If the market gets excited then we might see it go on a similar run to what MWR did. The below image from their presentation suggests there is plenty of near term upcoming news flow to push the stock higher.

Not zero risk but has all the characteristics to be a multi-bagger.