SP - basically they are spec shares, so I research the Prospects/Projects, Management (AVZ has Steinepries as a Dir for example), location and compare them to similar companies and of course TA.
With AVZ you can use EV/T as a comparison.
Another reason I like WGO is the low number of shares on issue and relatively tight registrar.
They are of course high risk, but so long as the winners outweight the losers - all good.
