Why the extreme undervaluation? How can it be that the investor crowd simply overlooks a stock with such an extreme undervaluation?
I think this is due to the fact that the company has never carried out a brokered capital increase (most of the capital needed has always come from strategic investors - often well above the price of the stock). -
If the brokers earn nothing, then there is no broker research and no buy recommendation, and thus also far fewer investors who know the stock.
The Arrowhead research, which I can provide exclusively, can be downloaded HERE: