Lol I think you kinda missed the point of the post. Too quick to...

Lol I think you kinda missed the point of the post. Too quick to jump on the defensive.

But regardless, there is more in common between lithium co's and RE co's than there is between banks and pay-later.
Many companies related to the EV/energy transition theme have been on an absolute tear. That includes lithium and RE's but also graphite, battery/battery component manufacturers, charging stations, decent electric car companies, large-scale battery storage.

So the initial argument that 25% growth was somehow exceptionally good just didn't hold up. Even after a repeated series of qualifications, still didn't hold up.

It's much more likely for someone to be wanting exposure to RE's = compare VML to all other RE companies
than for someone to decide they want exposure to RE projects at a very specific stage = compare VML to very narrow selection.
The latter is an useless comparison because you're getting waaay waaaay too specific.
The former is more relevant, but doesn't show VML to be an outstanding performer.

Don't get me wrong, I'm in on VML. But
1. I'm partly in it because of the management team, but also their good relationship with the indigenous communities involved in the project
2. Developing projects overseas projects on the ASX pretty much always get valued lower purely due to the fact they're located in a different jurisdiction. Just means they have to work a bit harder/wait a bit longer to have that value realised.