Black Box is a strong competitor with a lot of key customers in the construction/mining sector like BHP, BlueScope, Mirvac and Lendlease. The next step would be to find out how much revenue Blackbox are generating with existing customers? Also, how are they addressing the supply chain issues for parts as we still have a shortage in semiconductors? (I do not know if they have a vertically integrated supply chain or if they outsource the manufacturing).

From my perspective even if Spectur were to lose out to Black Box in future tenders, the current market valuation is still undervalued assuming Spectur can grow revenues 30% p.a. for the next 5 years -> $20M.

I guess the toughest part of investing in microcaps is that you would need to put a lot of faith in management to execute against competitors.

Having worked at Singtel and seeing how the top management behaves, let me tell you that those Singaporeans are highly conservative. They have a no BS policy and as an intern, I got burned more times than I count. When I was in Singapore, they usually take around 6 months to assess an investment (this is VC deals). There are many chains of responsibilities between an engagement officer up to the CEO of the Telcom division. I saw many deals that get stuck between a senior VP and not progress to the boss. It is how it is...

Very surprised that Spectur manage to get one of the regional CEOs to sign the paperwork for the masterworks agreement. What usually happens in the Telcom industry is that all the big players watch each other daily. If Optus does something then Telstra makes a similar move vice versa.

Basically, the contract announced today is a big deal. I haven't seen the core Singtel Telcom group work to this extent with small companies unless it's for a venture investment.

Edit: Doubling down with the investment.