Tend to agree with you
The perceived value may be something different - depending on prospects, trading, new announcements etc
Take for example Xero in earlier days, PPH up until recently, PEB up until recently, SPY up until recently
There will be situations where NTA doesn't necessarily represent Enterprise or near to mid Future possible value
What is the Blue Air component with SPK, or FRE for example - with SP at a good multiple of NTA, or is this value attributed
on an established mature business to arrive at the premium ?
All companies start somewhere at an earlier point, until the market assigns a different value, for whatever reasons