Ann: 1H FY22 Results Presentation, page-385

"it simply demonstrates how little you understand about how valuations work."

Your concerns are valid, re; cost growth, investor risk profile, etc... However, a finance 101 student could tell us that using a DCF methodology isn't appropriate to value a high growth biotech. That the Macquarie analyst does so should tell us all we need to know about the quality of their assessments, that's mickey mouse stuff consistent with their internal incentive structure.

Finally, to make conclusive assessments on a single data point isn't rational, not saying that you are. If a trend develops, then serious questions about management/board behaviour need to be made, but at this point in time, the rational decision to make is to wait and see.