Hi Gotta
Forget what it cost to get here or what you believe it would cost a start up up get here the bottom line is they have burnt those $ and hope they have some history and experience and not repeat mistakes. . Someone may be able to get to the market segment with the correct product a lot cheaper. hell they could phone up VMT tomorrow and contract them to build a bike and release it somewhere at the correct price.
Valuation is a matter of perspective. Is VMT cheap? I don't know as even if they are now on the right track their history has been poor in executing. Lots of reasons / excuses with changing markets, products and business model all paid for by shareholders while they draw wages and pay consultants.
Bottom line is what they can leverage off their existing structure of business and experience and either get big volume and consistent sales or better margin and sales . A consistent production allows research as you have turnover
Who is doing the selling and why?
How many left and what broker?
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