BATM sells some of the world's fastest telecoms and Internet switching devices. Analysts put the market in the trillions. With BATM's technology world-beating, the question is whether it develops a brand of its own or is bought by one of its multinational customers.
Full-year profit forecasts for this year are a measly $5m (pounds 3m). Next year, however, BATM is expected to deliver a quantum leap as it brings out upgraded technology. Lucent of the US has a share of the switches market worth pounds 36bn and has entrenched customer relationships. Surely BATM is a snip for Lucent - or IBM - at its present value of pounds 802m. Investors should not be surprised to see the shares climb further, though perhaps by five times rather than 20.