I did some reading on this over the weekend and given they...

I did some reading on this over the weekend and given they capitalised around 17m of investment into their tech last half if that was expensed they would have broken even.

I'm not saying they are accounting for development inappropriately at all. It is an investment into the future of the company etc. However, if this investment continues for a few years given the complexity of the market they are in and the ambitions they have including integrating acquisitions this has a very healthy valuation.

Lots of factors at play here, including broader market dynamics, execution risk.

I would not be surprised if this tests lower than I thought before when I said 7 or 8 bucks. It might take years for their investments to pay off and I think it's the wrong end of the market right now for WTC to be where it is at.

In saying that, if they pull off their acquisition strategy, build out their software, start to drop off circa 35m a half investment in R&D / innovation they could really become a cash cow. Might take them 2-3 years to get there though.

My view is if you hold these shares with cash and not borrowed money, be prepared for a 3-5 year cycle where this could test much much lower.