Comparing CFO to comps makes for interesting reading: | Shares...

Comparing CFO to comps makes for interesting reading:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
0		Shares on Issue (mn)	Options Outstanding (mn)	Fully Diluted (mn)	Options as a % of existing Base	Free Float (%)	Market Cap	Net (Debt) / Cash	Enterprise Value	Last 6 months reported Revenue (annualised)	Last 6 months NPAT	EV/Sales
1	EMEFCY Group	257.1	18.7	275.8	7.3%	68.0%	$208,211,354	$5,130,991	$203,080,363	$1,176,665	-$7,326,874	173
2	EDEN INNOVATIONS	1255.0	271.4	1526.5	21.6%	48.3%	$269,828,611	$10,816,339	$259,012,272	$1,725,004	-$3,829,200	150
3	ALEXIUM INTL	302.0	18.1	320.2	6.0%	69.5%	$166,120,459	$8,603,677	$157,516,782	$4,416,308	-$11,953,654	36
4	STRUCTURAL MONITORING	102.4	2.3	104.7	2.2%	100.0%	$195,592,058	$3,291,500	$192,300,558	$0	-$2,717,688	n/a
5	AURORA LABS	55.0	32.5	87.5	59.0%	30.1%	$161,150,000	$2,172,000	$158,978,000	$1,766,736	-$871,524	90
6	CFOAM	93.5	3.0	96.5	3.2%	52.2%	$46,750,000	$540,612	$46,209,388	$5,124,224		9

(1) A lot of comps have very significant increases in share count on a fully diluted basis (not CFO)
(2) Based on the August update where sales annualised at 15,000 (So 1,250cf for July and 1,250cf for August) and assuming another 3,000cf of sales to Dec 31st (1000 per month as per most recent update), then CFO is already generating A$5mn in revenue on an annualised basis, well north of comps (and giving A3D credit for their prospectus sales of 32 printers)
(3) At CFO's EV (and giving no credit for the revenue generated in its cash balance), it trades at a fraction of its comps.
(4) This only assumes sales to Touchstone at US$337.50, no external sales at higher prices, no PFOAM, no contract wins for LED, or rail or navy etc.

The maths doesn't lie and in due course, it will get reflected in the share price. There is no manipulation or anything else to worry about. Some investors are just impatient and/or bought too high to wait. Be happy that they have to sell and you can get a company that is more advanced than comps barely a few months after listing and yet trades at a fraction of their multiples/market cap. Based on the above alone, CFO could go up 3 - 5x and then its just priced fairly relative to comps. Additional progress and that increase will look small.