You could say the same for Clinuvel, at the current valuation...

You could say the same for Clinuvel, at the current valuation the market is hardly valuing the strong recurring (90%+ retention rate - unheard of) cash flows from the EPP monopoly, and the significant growth runway that remains there. There is no way whatsoever that Clinuvel’s Vitiligo and cosmetic focused (m lines specifically) assets (which are quite close to becoming cash flow generative), which are both “crown jewels” of this company, are being priced in. Clinuvel has a proven track record of delivering continued revenue and NPAT growth over many years, which the market is also clearly not valuing either.

I do also agree with what you say about TLX and NEU, the ASX has never been good at properly valuing anything that is non mining/banks, but if they are indeed undervalued (which they are), then what is the word to describe CUV? Because at the current valuation to existing cash flows, I don’t think undervalued quite cuts it in terms of describing the significant mispricing of this company. Even if there are some concerns over how this has been run, that does not change the fact that this is a company that has been consistently and steadily improving fundamentally (the numbers don’t lie), and that the market potential of the pipeline is absolutely enormous, with the potential to have an impact on the world akin to Ozempic (I do believe Vitiligo approval of Scenesse will open the door to significant off label use for sun protection / tanning reason, with the m lines being topical top ups)