99% agree with you mate.
The "Bevan Effect" introduced RNT to the market, and the market does what it does: it became irrational.
However, IMO this will be a business that will consistently earn a high return on equity in the future, year after year, on par with other low capital expenditure business's. This has already been highlighted by the fact that the business is currently cash flow positive from core revenue streams, albeit low revenue.
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