Farsight _ I agree with you to a certain extent on the Marketcap - compared to the fundamentals and to a certain extent many contracts that haven't even been won are already in the price. However unless ULT gets really bad news (Not sure what bad news, other than poor final results if orders don't materialise) then the trading range will be 1.6 - 2.4p IMHO, but IF contracts are won then this will spike up towarsd 3-4p before profit taking exceeds new buyers.
I don't expect to see anything over 5p for 2006
Yes theres always a chance that orders don't materialise but many investors will remain because of the potential of orders. People don't like missing the boat. So I see little down side at these levels.