Thanks, Orionwoo for posting a sane analysis amongst so much rubbish from non-holders on this thread. As you pointed out WHA is valued on the potential of it's IF contracts NOT on its current income. IMHO this could be multiples more or less and it would have little effect on the current MC.
I have compared WHA to FMG before so will throw up 2003 Statement of Financial Performance for comparison.
STATEMENTS OF FINANCIAL PERFORMANCE (for year ended 30 June 2003 for FMG) and WHA (for year ended 30 June 2018)
FMG WHA
Revenue from ordinary activities 1,753,422 1,575,000
Profit (loss) from ordinary activities (834,241) (6,420,000)
Cash Assets 1,146,594 61,500,000
At the above stages both companies have contracts that make these statements insignificant.
As for FMG in 2003 the shareprice is based on potential earnings NOT their current earnings.
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