That's why I said "understated." My main point was that as long as this is not a scam -- and I think the chances are remote -- SIAF is a very good investment at this level even without any p/e multiple expansion.
So the downside is extremely limited, and can only obtain in any enduring way if the company is an outright scam.
With a still ridiculously low multiple of 2, it's a home run. After many of the catalysts I mentioned, and the time and exchange to remove the scam stains, a normal multiple ought to be applied.
Then, it's a game winning grand slam in the 7th game of the world series. The upside is huge, potentially 100x the downside.
Course, a lot of that is because we are now valued as a class C minor league team in last place.