They commented on that in the report. They've actually...

They commented on that in the report. They've actually improved their outlook and revenue assumptions for iTrack Advance substantially after their visit, but they've removed 2RT from the valuation. This is because there's just too much uncertainty around the timeline for that segment, so it's better to just not include it. They basically see it now as a free option to benefit from any upside associated with 2RT. The market isn't pricing it in at all, so if nothing happens with 2RT it's no big deal, but if they plough ahead with it then there's substantial upside potential there as well. Essentially, they are saying there's zero potential downside on the 2RT side, and only upside (at current prices). However the uncertainty around the time line makes it too difficult to value this potential upside.

I'd easily agree with this, considering the current valuation is a low multiple to iTrack revenue (if the share price was factoring in 2RT as well, the share price would be a multiple to iTrack revenue + a discounted value for 2RT's potential)