Ann: Kobe Auction Result and Sales Update, page-197

Seems to me market is starting to value the legitimacy of ATP. So many positives going for this company now
- No debt
- First dividend paid (no policy yet but seems like could have one starting next FY)
- Strong short/medium term prices for pearls, demand does not seem to be slowing
- Increasing quality/size in pearls and room to grow considering still below the long term standard
- Only publicly listed pearl trading company, if funds want exposure this is probably the only play
- Trading at a low P/E (understandable given the market it is in), however if FOMO kicks in then this could really skyrocket

A positive guidance/earnings coupled with some bullish momentum makes this a very attractive short/medium term play. Long term the merit is there too, but I find as of now ATP is undervalued. Even if they were to only do another $25m in revenue for the year, at 35% EBITDA margin this puts them at $17.5m earnings. PE of 6 takes them $100m+. DYOR