Ann: TechKnow Invest Roadshow Presentation-NOR.AX, page-73

Not really.

NOR will have the mobile phone numbers of 3.8m people who downloaded the app for free and used it once or twice. Big deal. Its the other 200,000 odd real customers that matter to NOR in the short to medium term, and they have to grow that number and extract more $$ out of them.

Once there is a sustainable telco operation, yes, NOR will have a valuable database that they can look to monetise in all sorts of interesting ways. But meaningless to ascribe a current valuation to that future potential value when the existing business model is still being built out.