FEX Valuation, page-520

At the end of the day the market determines what the value of the company is, so today it’s worth $100million.
But IMO, it is worth a lot more, and hopefully the market will recognise it.
The company is well run, pays solid dividends, announces targets and dekivers them, and has setup a solid base for long term success. There has been no value given to this whatsoever, we see plenty of poorly run companies with far higher value that deliver nothing to shareholders.
In time, the bank balance will continue to increase, dividends will be paid out, and future acquisitions will be made. The market will determine what these are worth in time.

FEX could potentially become anything post Iron Ridge, but I’m happy with whatever direction the board and RB want to take the company. At the end of the day, anyone buying shares today will get their money back in dividends within two years..