Yes, it does seem absurd but only at first glance. The valuation...

Yes, it does seem absurd but only at first glance. The valuation reflects market confidence in governance and management to deliver on the potential and to do what they say they will do. The market would give CUV a much higher valuation if the board had a really compelling strategy, was obviously independent of management, held management to account for execution, and remunerated management in ways that are perfectly aligned with shareholder interests. If CUV had these characteristics, I'm sure the company would be highly respected and its valuation would reflect that. From a market valuation perspective, these things count for rather more than having a large addressable market for some technically sound and useful products. These things are obviously necessary - but not sufficient.