Relative to what? The competitor has a market cap of ~$94M and...

Relative to what?
The competitor has a market cap of ~$94M and lost $6M on less than $1M of revenue for the last half year reporting period.
There's a Mining spec or two that have similar capitalisation, losing more money, and are years away from having a product to sell (let alone having one at all).

On the basis of the above and the fact WGL has a global product to sell, wouldn't you call it a bargain in this end of the ASX?

It's no wonder most of the billionaire++++ nerd founders of companies now bigger than most mining companies are not Australian, they get it.