In the interest of fairness, page-77

I don't think using value stock metrics methodology to decide the current value of AJX has any relevance at all. At this point in the cycle AJX is an emerging disruptive growth stock, the value of which is intangible and more about intellectual property and potential.If it gets a takeover offer that is what will decide the what offer is on the table not what its current earnings are.

The valuation of AJX is what someone is prepared to pay for it with a view up to at least 2 years down the track. Arguing over the current revenue/earnings a few dollars one way or the other right now just seems pointless, IMO it isn't relevant.