Quiet frankly I don't know how anyone can use a PE ratio for a...

Quiet frankly I don't know how anyone can use a PE ratio for a company like PNV to determine valuation. A company that is spending (investing) the majority of an ever growing free cashflow at the same time by reducing it's profitability by ' investing' in expenses to grow a sales network (salesman, support staff, infrastructure). Low profitability p.s. / Share Price. That is the arithmetic.

I agree with your statement for a mature operation. I think value is a subjective measure at this point for PNV, but I get the feeling it is under valued by a long way if you removed the shorts and bot trading. Something has to give. Hopefully soon. One of the problems I sense is long term retail holders are probably way overweight to be buying. So it is just trading, going no where, except down when shorts increase. Lately I posted 55% of the trades were for less than $500.

I was half thinking this morning, I'd love to see some metrics of the type of entity buying / selling PNV, well any share . i.e. Retail (long), 2. Traders (value), 3. Institutions trading including shorts 4. Institutions (long). My guess is it is mainly Traders and Institutions playing trading games, hence we have little momentum. Wouldn't it be great if the ASX recorded such data which could be audited (I believe MACQUARIE got done by ASIC due to 'false' reporting of short trading numbers).

Anyway, thanks for your frequent posts, they provide some balance of perspective.

I had a quick scan before posting, and others have posted similar content as mine, apologies.
GLTAH