Peer Valuation Comparison, page-11

He meant BUD’s market cap is 10x that of BIQ- exactly there lies the overvaluation of BUD and the undervaluation of BIQ based on the progress of both to date. If BUD can achieve annual revenues of circa $40 million in FY19, then I think its valuation is more reasonable, but the key test is if their products can first achieve market traction and half year FY18 would indicate this, until then it is ahead of itself. BIQ is now considered No 6 and emerging star player in the BEMS space according to Navigant Research and sp not given enough credit for its performance to date- the reason is probably because the stock fell from its previous lofty IPO valuation. Now BIQ has reduced its opex substantially and looking well placed to getting into the black in second half of year, so should augur well.