I don't know how much experience you have investing in and or valuing small cap equities, but you will find they're valued and trade based on fwd earnings and potential inc IP, supply-chain, personnel etc. (for instance, NXT trades at ~80+ x 1 yr forward earnings), rather than current.
If market returns were as simple as pricing based on 'as-is' without having to speculate on the risk and reward profile, everyone on Hot Copper would be retired.
In terms of potential, read the prospectus: use of funds section, their IP, team and do a company search on LinkedIn for non Director personnel. Look at the sales team they've assembled and their CV's. Based on all that, (i.e cost advantage over both conventional and even modular DC coys, the likely sales pipeline etc.) it is a fair bet DXN will trade significantly higher once the first two DC's are operational later in the year and major sales contracts are secured.
Cheers,
5x8's
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