i am not impressed, page-5

RR

If you are going to quote from my post, have the common decency to quote accurately.

Firstly the market penetration rate and price point assumptions I used clearly said: "conservative".

By applying a ludicrous 15% assumption for "profit margin" when even the most conservative COGS for Cvac is around 50%, you lose any credibility in your modelling. As for a PER of 10, (for a bio-med it's typically 15-30), the less said the better.

We all know there will be a requirement for additional funds to bring Cvac to market. That's a given. If the trial results of Cvac along the way are positive, there are a raft of opportunities to raise the capital, not withstanding PRR has an untapped debt facility as a fallback option.

Check any number of companies in early stages of development and you'll find it does not require them to post a maiden profit for their market cap to multiply on the expectation of forward earnings. Thats why PER is a forward looking metric.

But then, you're really not interested in any of this stuff, now are you?