The company has cash of A$3.2M, and minimal operating cashburn.
If one values the cash fully, then the portfolio (ex-cash) is being recognized at just A$2.23M, by Mr Market (i.e. A$5.43M market cap minus A$3.2M cash).
Yet, the company has a reported portfolio value (ex-cash) of ~A$7.59M, based on major independent pricing events (i.e. raises involving other VC funds or 3rd parties). In other words, the market is treating the PVL portfolio (ex-cash) at a discount of ~70% (e.g. [A$7.59M - A$2.23M] / A$7.59M).
And yet, 4 of the top 5 positions (Cirrus, Skykraft, Ferronova, Inhibit) have increased in value across the past 24 months and the other has held its value (Urbix).
In contrast to the share price, the portfolio companies are performing - NTA has increased from 7c to 8.9c/share across the past 18 months.
