The whole tit for tat arguing on this thread is all rather pointless.
Probably because of the heading of the thread
The ASX is awash with stocks who have projects with prospective npv's far greater than their market cap. The point is that there can be countless issues and countless money to spend before any of these become viable projects. The other fact is of course many will never get near developing anything. As an investor it's up to your own analysis which Company you believe has best chance of becoming actual going concerns whatever the industry.
(It is also a very good reason why retail punters as a general rule would be far better off staying away from this end of the market - often see inexperienced shareholders constantly complain about things which are common for speccies!!)
Whether MNS is one of the "most" undervalued stocks is yet to be seen, but it is true that they have managed to get some value into their SP based on potential, many others have not (not talking graphite in particular). Market cap of a Company against NPV of a particular project is only relevant when they get nearer the stage of being able to actually deliver that project. The market will always assess risk and discount values accordingly.........................
(20min delay)