Research Note, page-5

The ASX small industrials has no companies with a market cap of less than $100 million from memory.
Valmec with a market cap of only $20 million does not get close and it is tightly held so it is not very tradable as well. Many institutions would not even analyse a microcap like VMX. The ASX small industrials is therefore not an appropriate benchmark for VMX. Many institutions would also not look at companies that do not pay dividends, but size is the main problem in my view.

I suspect an institution probably has pushed the share price up to 25cps and bought some of the 6 million options traded recently as a way of building a stake without pushing the price higher. We will see how many options are converted. However few institutions buy stakes in companies like VMX, or even look at them. That is why you and I can find bargains in small companies.

I did not calculate a price target using a PE because it depends on how many options are converted and we will know that in January.