Opinions
Bruce Campbell (2)
Patriot One Technologies Inc.
PAT-X
HOLD
Feb 28, 2018
$1.820
Stock price when the opinion was issued
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He spoke recently with the CEO. Their technology expanded to find drugs, explosives, and devices can measure items in parts per trillion. This could be used at airport security, for example. He thinks it is too expensive right now and forecasts for 2020 earnings are suggesting a 20 times multiple. Interesting technology, but he is still waiting for real orders to justify the valuation.
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COMMENT
They have weapons-detection technology and it's done well in the past 18 months with some new deals signed. They don't have a lot of revenue yet, and investors are waiting for that. $7 million over 12 months is their forecast revenue. But what happens in an economic downturn? He likes their partnerships so far, though. If they get traction on contrast, investors will come in. Not for the faint of heart.
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He says this is a company they just participated in a financing with and they do have a small holding. He says they need final licensing before they can draw down their backlog of sales – he expects this in the second-half of the year. As this defence technology gets adopted, he thinks this will make the company a take-out target by a big player.