I’m all for the positive sentiment but from a value perspective...

I’m all for the positive sentiment but from a value perspective I’m still not sure whether it’s undervalued or not. I bought first parcel on 18/2 at $2.20. Because there are no earnings it’s difficult to value and I’d be lying if I said my research was anything other than calculated speculation (certainly I wasn’t acting as an intelligent investor in the Benjamin Graham sense). I was going to buy more today but had to challenge my thinking around why I would be averaging down other than because I was engaging in more speculation. Don’t get me wrong, I think it’s likely there is further upside over time but it’s not guaranteed in my view. I don’t think I could say it’s in deep value territory cos I don’t know how to value it accurately without the earnings. Happy to hear others view on rationale for why it’s undervalued (and not just more cheaply priced).