AVA chart, page-155

Having a closer look at the financials after the post excitement phase

Technology division performed slightly worse in Q2 compared to Q1 (after adjusting for the one off gains in Q1 which are very important to subtract out, as they are obviously not going to be repeated). However overall revenue is higher in Q2 than Q1. Important to note that the result is an estimate and gives the minimum Q2 revenue, so we can be assured Q2 performed better than Q1 which means we should see a fundamental re-rate based on this AND I hypothesis we should see a re-rate primarily due to the overall YoY revenue growth.

Furthermore the mid-year report in February is therefore the next fundamental endpoint. The next major fundamental endpoint is the Sale of the Services division in June AND Aura IQ and new FFT product lines in general.

Given the big YoY half year result I find the current valuation makes no sense, especially from a sales multiple perspective.