re: not perplexing - valuations.. There must be someone in this...

re: not perplexing - valuations.. There must be someone in this that has millions and millions and millions of shares to sell. this one has been constantly sold down for god knows how long.

going on 2 million NET profit a year.

$2,000,000/400,000,000 (approx shares on issue)

= .005

P/E of 10 gives you 5cps valuation. Naturally you'd use a higher p/e on a growth story like this.

On fundamentals this would have to be the most undervalued spec on the ASX, but for some reason there's someone with a lot of shares to dump.