Seven rejections of price at 2.0 cents to 2.2 cents (marked with red arrows), but now this stock is now trading above the 18-month sideways channel and looks set to test the resistance level at 3 cents.
One would think that a likely catalyst for a price rerate would be the annual report issued anytime up to end of August.
On an EV Multiple of Revenue this stock is trading below the basket average and a future price of 2.6 cents would put them just at the average.
With the GM contract uncertainty behind them, the market is going to be looking forward to additional opportunities and the reduction in Covid impacts over the next 12-months or so.
IIR Initiates Coverage: 4.7c price target (DCF base case), page-162
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