I've done a fair bit of research over the last 48 hours since...

I've done a fair bit of research over the last 48 hours since seeing Ted in action at Techknow. I'm struggling to understand why not many people are into this stock when everything seems to be positive.

I know the old adage of "if it looks too good to be true" is usually a warning sign, but struggling to see how this continues to fly under the radar and in my opinion, highly undervalued.

In particular:

1. Their revenues are forecast to be circa $25m this financial year. I've invested and researched a few tech companies over the years, but this company has a market cap of $35m at time of writing which seems very low given its revenue. Compare that to some of my other slower holdings in IAM and SYT that struggle to bring in a $1m.
2. The management and board is extremely competent. They are all well connected Silicon Valley entrepreneurs with track records of building businesses and catching the wave. Even bringing on Tom Anderson is a testament to the conviction they have on the companies success. Furthermore, the board have skin in the game with their shares escrowed until end of this year.
3. The technology is already built and scaled up and ready to go (capital raising and IPO is purely for growth and business development).
4. The business operates in a hot market. Digital, automation/programming, online advertising is only going to grow.
5. Trading pattern and volume today of over 7m is comforting and are signs that instos are buying.
6. Even at a conservative revenue multiple of x3, this is valued at $100m and 2 bags from here (50c). If you go off the average of multiples on slide 24 of their presentation (i.e. x6), that puts EN1 at a MC of $137m (4 bags from here).
7. They are audited by EY and so I take some level of comfort that the books aren't cooked and deals are legitimate (to avoid debacles such as BIG and GSW).
8. Their cost base is transition to a fixed amount and they have significantly reduced headcount and payroll due to shift to programmatic advertising.

...this has all the hallmarks of a successful company in the making.

Can someone point out if I'm something on the downside? Keen to hear any likely risks and concerns as to why this is not higher than where it is.

Bodhi_Trader