it’s good to bring up the JV performance (and wider BCC...

it’s good to bring up the JV performance (and wider BCC results).

Temp - if we were going off your 1-2x rev multiple, that would put the JV valuation into that 40-80M range. And that’s still backwards looking (not by much mind you).

Based on what we’ve seen to date, the JV has contributed straight up bottom line income to BCC, so should be same for RP albeit at a much higher rate. If we were to be somewhat conservative and say RP royalties were 5x BCC that’s 5-6M income stream direct to the partners - which will also be a cost to the JV. So back that up and the JV is profitable (also consider most other costs / exp to the JV will be Zoleo HW purchases and the directly attributable partner costs.

add to that that BCC appears to have turned a profit exc the JV (assume nominal margin on the HW and other JV cost recoveries - which is between the parties anyway and the JV royalty) with large multi year deals locked in and this is looking a very solid proposition at this end of the market.

in the higher risk, no doubt, but this has a lot more upside potential with relatively low downside (liquidity on the market being the biggest persistent issue - which conversely can also become a massive tailwind!!)