@Arcturus451agree. we just have a different view on how you...

@Arcturus451

agree. we just have a different view on how you define 'cheap' ie how do you measure value.

im using what is the traditional professional investor view - you;re using a speculator view. that doesnt mean  that sp will go up or go down.  its just a very different way of framing it,

for a professional investor- valuation is only measurable on what is proven.  that means measured by the various metrics (price/sales, price to equity, etc) vs peers and vs historic averages.  there are times when pros will use forward revenues to price stocks - but that is generally reserved for trusted proven companies and mgt that historically can project forward with accuracy.  BUD cant so it wont be treated that way unless there's another bul market in small tech sentiment

BUD is on 25x+ price to sales ratio currently - in a market thats progressively gone from 30-40x, to 20x, to now 10x and lower as sentiment switched from last year;s bull to the current mild bear for small tech.  

as i said a while back - thats because market is willing at this stage to gamble on it getting to about $2m/qtr revenue in next 6-9-5 months (ie forward p/s ratio of 10x around mid next year

however the problem it has is its cash burn is very high relative to its revenue - so even a 10x p/s is overvalued when company would still be loding $2-2.5m/qtr. but as i said its getting benefit of the doubt because it has such a big cash position there's no immediate risk

but you cant legitimately say the stock is cheap when its value is pinned on unproven theory. 

im not a fundamentals only investor - or I would never have held BUD ever to this point.

the thing you all need to understand is that the shift in valuations (p/s, p/e) across the market isnt a pure mood thing.

Its a response to rising interest rates and increasing compliance costs for tech stocks. 

the higher interest rates go the higher the discount has to be applied to future cash flows.

when global rates were all sub 1% tech was the dominant play because it has super higher growth, high margin and small capital costs

at the same time the crunch of big tech having to double security personnel to combat data breaches, fake news camapaigns etc has seen investors re-assess their assumptions on the operating costs faced by all tech stocks

so you;re getting a reduced assumed future value of cashflow from 2 directions - which is why the p/s ratios have fallen as they have

tech is still among the best sectors though - even given that diminished future NPV - and i agree if BUD is able to at some point cross the rubicon and get enough business traction it should have a very attractive business

but its emphatically untrue to call BUD cheap or even fair value.

but a stock doesnt have to be cheap to buy it. its just the best place to buy it.

buying BUD here is like buying a Sydney home now - its much cheaper than it was 12 months ago - but its a long way from being cheap on an empirical basis (which in property is defined by the cap rate - ie whats the natural rental yield. currently in Sydney its 3% - historically its 4.5%)

but that doesn mean price has to go lower.  it could be it goes higher. 

but thats speculation.  its not based on any provable valuation logic

all this would be obvious to anyone who doesnt have holder bias.