EMC Henslow Research Report 20/12/16, page-19

Of course you're right, it's not an opinion devoid of logic or reasoning, but it is arbitrary to a degree, it's not based on any complex mathematics, but how can it be? They have virtually no revenue (425k), they have no real tested revenue models, they have no significant historical data to be used as a guide and they have few projects operational which doesn't necessarily prove the technology in a 'multi billion dollar industry', judging by revenue there are no bigger projects online to bring it closer to cash flow positive which is what I was alluding to with my comment, because again, only 425k in revenue.
Wanting the stock at 100 million doesn't necessarily equate to me giving it a valuation of such, but there is some logic and reasoning behind it contrary to your comment which have been listed:
> Very little revenue
> 2.6 million cash burn yearly which is not bad currently but Likely to be capital intensive as expansion ramps up, will margins improve?
> Technology not necessarily proven on large scale
> High growth stocks generating revenue (And turning profit) 50x more than EMC are trading at much lower market caps relative to revenue despite huge growth.
> Story sounds great on paper and could be true, but with speculative stocks caution must be exercised.
> No historical data.
> No predictable revenue model.
> Has recently run up hugely and with small caps is often, if not always followed by a large retrace, especially when January is often quiet on announcements as directors ect take holidays.
> Have seen many small caps in the past with similar revenues and stories significantly deflate when reaching similar levels.

Point is, Anyone coming up with an exact figure is going to be stuck with a number that is relatively arbitrary, and you can only use experience caution and comparisons to try and value it, but even so it will still be reasonably arbitrary.
So making a hostile condescending and untrue comments is maybe not necessary when I was just posting my first impressions of the stock after following the share price for the last few months and recently reading their financial reports and ASX releases. This is a place for discussion and that's what I'm doing, maybe we can be civil. I appreciate the response nonetheless.