Wilsons endorse a valuation of $4.25 and a 12mnth price target of $4.80. In a research note released yesterday they emhasise that their valuation centres on market penetration for bronchitol. They base valuation on 10% market share after 2yrs. Management envisage this to be closer to 30%. Wilsons say if this is the case a valuation closer to $10 would be appropriate.
