Radiopharm - anyone know how this compares to TLX?, page-35

From my perspective - the FDA announcement is priced in to the point of maximum risk tolerance but no where near the true value of the FDA approved product.

TLX is sitting at an approx 2 billion dollar AUD market cap - meaning the only people that can really move the stock are insto's now. It would be considered negligent if insto's invested their clients funds heavily on a decision that is not a 100% given. So that is why is has been stuck at this price point for so long as they're invested but it's really just a starter position for them.

If FDA gives the tick then there is no reason why it can't run to a 5 billion dollar AUD market cap fast and I'll personally be a buyer again for any price under 5 billion. It would be de-risked as the market potential for illuccix is huge itself.

Ramp up/lag of sales is not a concern whatsoever for me as they are already producing the product on a commercial scale. Although sales are heavy discounted as the product is not yet approved (over 12,000 patients already dosed on compassion).

Further to this you can really see the work that Telix has put in establishing partner sites in the US with well over 100 sites to distribute their product.

They estimate a market size of approx 725m pa (USD) just in the US for illuccix and have aspiration targets of a 40% market share (operating margin as previously mentioned being well over 50%). Put a PE of 30 to 80 on this and you tell me your valuation.

Couple this FDA announcement with the lack of liquidity around the Christmas period = perfect recipe for a 100% gap up when they try to get in