Both PME and PNV released their results today which I believe were more or less within expectations. I mentioned that PNV would be the next PME eventually. So I did a comparison of both, and as you can see PNV on a Mcap/Revenue multiple is about 2.5x higher than PME, but that is reasonably explained by a growing stock at an earlier stage of progress (which PME also did exhibit previously). On a short term basis, it would not however be unreasonable to see PNV consolidate given the slightly higher valuation for its revenue progress to date, and anticipation of its turning black probably not materialising yet as they continue to increase headcount to enable growth. CAT on the other hand has now turned EBITDA positive with a shot in the arm for its share price this morning and still trading at a very reasonable $268m.
