"I value to business on FY21 cash position then factor in the...

"I value to business on FY21 cash position then factor in the services business

$8m FY 20 cash
+ $10m IMOD contract cash + say $5m EBITDA from services business
= $20m+ cash at FY21
That is 10c per share cash"

Thanks for providing that clarity.

So, effectively, you have imputed a P/E of 1.ox for the IMOD contract.

That's mightily conservative. (I was thinking, maybe, 2.0x!)

And that still yields a 31c valuation.

That's a pretty clear demonstration of undervaluation, even after the impressive performance of the share price over recent weeks and months.

.