BUD Target price, page-18

New listings and announcements

As the company matures the anns take on a different flavour:

Phase 1 - a flurry of wishful, super-optimistic anns - helping to get the company on the radar - helping to map out what the future could look like - many of the anns are unsubstantiated - includes MOU's, LOI's, customer pipelines etc - generally more hype than anything else

Phase 2 - the first flush of commercial anns - these may similarly be future focussed - so therefore also prone to being wishful - ASX clamped down on these anns - so companies can no longer pump out unsubstantiated forward estimates

Phase 3 - hard-centred commercial updates - generally driven by quarterlies - occasional large order updates outside of quarterlies

We are in Phase 3 folks