@ marcuzley - g'day!! The answer to your question is that the...

@ marcuzley - g'day!!

The answer to your question is that the market is a mysterious beast sometimes

In all seriousness, there is probably no simple answer to your question.

I don't know TNT's business very well, but IMO the "revenue to market cap ratio" should be much higher for WHK because:

1. They have an extremely & relatively fixed low cost, and they have very good & improving gross profit margins.

Therefore WHK is likely to be profitable from revenue levels of only approximately $6m pa (and highly profitable when revenues crank up from there) - whereas as you point out, TNT needs significantly higher revenues to reach profitability (eg you mentioned TNT needing revenues of $100m pa to be profitable).

2. WHK's CEO's (Terry) background & US Government Contracts / Contacts - there is no doubt in my mind that this is a huge positive for WHK.

As Terry would know, through her background, many of the US Government decision makers intimately.

3. WHK's revenues are highly scalable - this is similar to point 1, but as their system is a platform, it can be used right around the world (with not many "feet on the ground" required).

Red day for WHK today, but the Quarterly was a very strong report that demonstrated great progress - so I have no doubt that the SP will roar back into the 40's again soon.

Hope this helps!!