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Cellestis Valuation Matrix

Assumes 60% Gross Profit Margin



Number of Tests - in millions

Single 10m 20m 30m 40m 50m
Test
$ $m $m $m $m $m

1. Sell Price per Test ($US) 15.00 15.00 15.00 15.00 15.00 15.00
Annual Sales Value ($US) 15.00 150.00 300.00 450.00 600.00 750.00
2. Annual Sales Value ($A) 0.75 20.00 200.00 400.00 600.00 800.00 1000.00

3. Cost of Goods Sold 40% (8.00) (80.00) (160.00) (240.00) (320.00) (400.00)

4. Gross Profit Margin 60% 12.00 120.00 240.00 360.00 480.00 600.00

5. Distributor Margin 15.0% (3.00) (30.00) (60.00) (90.00) (120.00) (150.00)
6. Overheads - (10.00) (10.00) (10.00) (10.00) (10.00)

Net Profit 9.00 80.00 170.00 260.00 350.00 440.00
Tax Rate 30.0% (2.70) (24.00) (51.00) (78.00) (105.00) (132.00)
NPAT 6.30 56.00 119.00 182.00 245.00 308.00

NPAT (as % of sales) 31.5% 27.8% 29.6% 30.3% 30.6% 30.8%

7. Quantiferon Platform Profits ? ? ? ? ?

8. Shares & Options (m) 96.43 - 96.43 96.43 96.43 96.43 96.43
Earnings Per Share $ - 0.58 1.23 1.89 2.54 3.19
P/E Ratio 20 - 20 20 20 20 20
Share Value $ - $11.62 $24.68 $37.75 $50.82 $63.88