Chart, page-926

... You do realise how a DCF model works, right?

Its underlying premise is to discount back forecast future cash flows to the present day, at an appropriate discount factor, in order to determine the current fair value of a company.

Cadmon's price targets of $1.00 (bear case), $1.70 (base case) and $2.70 (bull case), state what the company should be valued at now. The report is not stating that in 2018, 2019 or 2020, Cadmon values the stock at $2.70 assuming its 'bull case assumptions' materialise. Indeed, it's quite the opposite, Cadmon are stating that - if its bull case assumptions eventuate over the next 3 years to 2020 - then the company's current fair value is $2.70. Conversely, if the 'base case assumptions' materialise into reality over the next 3 years, then Fluence's current fair value is $1.70. Following this pattern, if the 'bear case assumptions' eventuate over the next 3 years, then Fluence's current fair value is $1.00.

In other words; why are your charts showing these target prices being hit in 2018, 2019 or 2020? Theoretically, Cadmon is stating - under each of its investment cases - its current valuation of Fluence (which happens to be higher than the current share price, across all investment cases).

Kindly, all I can see your charts showing is that the share price has to go up, in some fashion and at some point, to reach Cadmon's target prices. You don't need to be a rocket scientist to figure that out.

Not having a crack either, but struggling to understand the value these charts are providing.