Take into account the capital raises in the process? Market cap...

Take into account the capital raises in the process?

Market cap was at $18.8mil when you advised, but 2 weeks later MC was at $28.7mil (Based on 2.6c). Which we traded at for ~2 months. The 1y SMA on that date was also 3.8c (42mil MC).

Now diluted, at 2.3c, market cap is 29.6mil. So adjusted to a 3% increase since then? And a 44% decrease based on the 1y SMA. All about timing the market.

Not to sound pessimistic, but it’s simple to pick particular dates and have statistics favoured, I prefer to use averages as it smooths out the bumps and dips to give a clearer image, as well as using the market caps rather than share price.

But, regardless of both our statistical analysis, it does show that overall ECS seems to follow the trend of the Aus Can market, rather than just our fundamentals. Which works in our favour, as when people do re-rate ECS, they’ll need to seperate ECS from other competitors based on the fact we don’t perform like them and are chalk and cheese comparatively. This disconnect between the historic Can market and ECS being genuinely priced by fundamentals and a ‘new market’, where there is now notable and accelerating demand v Mid-22, only then will ECS finally see the SMA (long and short term) really deviate meaningfully away from the mean.