Hi @secondtake88 I use nabtrade research reports as a source on historical ratios / comparisons etc. Normally I reference source in valuation notes. I will make sure I do that in the future.

This one came from the REFINITIV report as nabtrade also offer them from several sources. They current list Software & IT Services Industry P/S average as 8.7. I also had a look at the ratios of NEXTDC, DXN, Maquarie IT and Over The Wire as a bit of a comparison. I might go back and update my valuation with a bit of reference to these comparisons once I see how they are travelling after the release of the quarterly. Also if you were interested, nabtrade currently shows the morningstar valuation at $0.258.

As part of the placement did they present any forecasts or targets beyond the Tier III design and construction certification timeline?