Disgruntled holders and spooked traders reacting to the...

Disgruntled holders and spooked traders reacting to the misleading implication of cashflow coming from regular revenue than a one off source. It's not surprising.

Absolutely though, revenue is about double the market cap, net revenue is positive, net positive cash position and growing makes this very attractive.

The market is fickle so we can expect a bit of bouncing up and down as the market works out where it wants to peg the valuation, but when the dust settles we should see it significantly higher. The market hates uncertainty and small caps have that image, whether or not it's deserved for a particular company. However, the market loves ESG companies with a feel good image and the bottom line is still very positive for DEL. If this was a mining company, much larger, with the same figures, same relative growth outlook etc, the market cap would be multiples of the EBITDA we're seeing for DEL.

When small caps like this get picked up on radars, they tend to run nicely, particularly when they're ESG which the market loves. This only came up on my radar because of the rerate which was caused by the updated guidance. It's still largely under the market's radar. We don't know when it will be picked up, but it should happen, and when it does we should see around 20c IMO (based on basic calculations of revenue, cash position, a reasonable enterprise value, etc), and if the market wants to price it on an assumption of ongoing growth etc, 30c is possible, and looking favourably due to ESG etc, potentially higher.

Some selling today is not surprising after such a big rerate causing many to be looking for any excuse to take profit, and we could fly under the radar for a while, but assuming no disasters we should see this more than double within a year, possibly much better.