That’s fair. Everyone has their process and avoiding losing...

That’s fair. Everyone has their process and avoiding losing money is more important than making money as the latter incurs tax.

Personally I think AVA will be one of those companies that grows a lot larger. It’s presently in an upgrade cycle, cash conversion is strong and Aura IQ is what will lead to a step change in earnings and mitigate against trying to find a new IMOD, which will be difficult.

In terms of valuation I think any risk is more than compensated in the price. I still have this on a single digit PE for a business with ROE > 20% that is growing quickly and paying an attractive dividend. Insto ownership also remains very low.

It somewhat reminds me of EOS in the early days. Strong and profitable growth on a low multiple and then when it was ‘discovered’ it just exploded. EOS now trades at ~30x last time I looked.

Aura IQ is such a huge catalyst. When they convert a PoC then I’m expecting that ~50% multiple discount to the small ords that AVA presently has will quickly disappear.

All IMO of course.