I think that'll largely come down to the macro environment, but...

I think that'll largely come down to the macro environment, but it's not like there's no precedent for this type of multiple historically.

In the pre-covid environment,VNL would likely already be over 30c as growth potential stocks were rewarded with good multiples and more cash to splurge on growth initiatives before achieving cashflow breakeven.

VNL management have done a good job in weathering the small caps storm of the last 3 years, and are poised to benefit more than most micro/small caps imo, should the sentiment for micro cap growth shift towards a more normal environment. Given the direct correlation with low interest rates, I'm personally very comfortable sitting a large chunk of my portfolio in this quality WTC 2.0 style company and I suspect their ambitions to revolutionise and digitise a sector will become more pronounced as they continue to kick goals.