Another quick and dirty valuation exercise.

This valuation reflects an entry price where I would consider re-entering.

If, and this is a big if, Droneshield can materialise even a fraction of the sales they have been saying are in the pipeline, I think Droneshield becomes interesting again at around $0.8-0.90.

Cash in the bank is $200m (about 20c/share), cash burn was 65m in the year to Sep 2025, so it can sustain 3 years of constant burn without bringing in any new money.

Contract value for last 12 months was 193m, which gives a current P/S of around 11 which is not terribly demanding. Much less so than a month ago. But definitely not cheap.

Assuming steady sales (not yet proven) and a discount for margin of safety with management and macro concerns, assuming a P/S of 5 being an acceptable risk level, we have an entry price of $0.80-0.90.