1. @nraw on the face of it there appears enough liquidity (measured by daily volume), but as I have highlighted many times the majority are trivial bot trades for minor units / value, by our professional trustworthy institutions buying and selling, / selling and buying to themselves.
Anyway I think we are playing around here with inexact words, where as we all seem to agree no one likes the manipulation which ASIC and ASX condone.
2. Thinking about our lack of valuation another way. I'm only throwing the following around to help understand drivers to our valuation better, not that I disagree with our sales models. DW's strategy is to grow sales by growing our sales network. Normally when one invests it builds a sustaining asset on the balance sheet, be it trading stock, plant, buildings (i.e. normally a sustaining asset which when depleted will return greater value than it originally cost. DW refers to the sales expense akin to " working capital "(hence meeting my balance sheet rational. Well we know that the original $expense is gone as wages are paid. However DW says the dollars returned p.a. in revenue per sales person are greater than the wage expense; like double. The concept is shrewd, yet there is no remaining asset on our balance sheet which analysts can/will value. Until we have developed (and keep) an efficient sales network, and the multiple of $sales over $wages is much higher, I'd say our balance sheet (i.e. bank account and retained earnings) will not grow materially for quiet a few years until our sales network matures. (Obviously, company culture will be important to retain staff). I'm starting to think this model is only really efficient for our share price in a bull market, or until scale has been won. Even then analysts will not put a $value on our network. The alternative model is a slower and less manageable distributor model. I think we all like DW's strategy in keeping a larger margin though! I find it interesting, what are others thoughts? Enjoy the rest of your weekend.
PNV Price at posting:
$1.31 Sentiment: Buy Disclosure: Held
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