https://www.adherium.com/media/2066/mst-access-adr-initiation-report-09sep24.pdf
Valuation
We maintain our valuation of ~A$123m for Adherium. This represents healthy
share price upside but equates to A$0.11/share (undiluted), or A$0.08/share
on a fully diluted basis after we incorporate new shares issued with an
assumed A$8m equity cap raise in FY25 resulting in shares on issue of
1,159m (759m current & 400m new shares) and options (unlisted) of 429m.
We have reworked several valuation assumptions in light of the new CEO’s
revised strategy (centred on the ‘easy button’) and adjusted timelines for
ramp-up. Our valuation is based on DCF using a discount rate of 12.5%, endof-June cash on hand of A$6.2m, and a price point of US$600 per patient.
MST Research Report valuation ......... 8 cents
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