Ann: Investor Webinar Presentation, page-15

I would appreciate if anybody can correct me with my understanding. I am genuinely asking for criticism about my thought process.

Any stock, has its value calculated by the amount the company earns, divided by the number of shares held, and then usually a P/E multiple is applied. I understand a 10-15 times PE multiple is pretty standard, but biotech can be even more. Of course costs, taxes etc can affect profit margin per share.

If that is the case, and BOT can only win over 0.05% of the current market (so 15,000 of the current 3m US patients actively seeking treatment for hyperhidrosis) are we not looking at:

• 15,000 x $700 x 12 months = $126m per annum
• Divide that by 1.3b shares = $0.09 per share gross earnings
• Even a conservative PE multiple of only 5 = $0.45 per share (10 x P/E = 90c, 15 x PE = $1.35).

The things I see as a risk in this equation are:

• Does a market of 3m actually exist (all available research would indicate so, and even indicates extended markets)
• Can BOT win only 0.5% of that existing market (after yesterday's preso I am convinced they will surpass that)
• Do costs and royalties adversely affect profit margin poorly (I'm no expert but it doesn't seem so)
• Am I right in applying a P/E multiple like this (I think I am and I think 5 is conservative)

Am I missing something here? Personally I think I'm being ULTRA conservative, but I'm genuinely asking - is my thinking flawed? Please, don't hold back.