veritas research report

http://www.mediafire.com/view/?tq3k1ndjg33t5mr

Valuation reduced to 85c due to capital raising. HOWEVER, if one looks at page 10 for the DCF we can see how conservative (bogus) the numbers are that have led to this 85c valuation eg

* Only 1,449 PAD installations by 2020!
* @30k per lockerbank (based on 33 lockers per system, even though they know there are more than 50 per unit!)
* $3000 service revenue pa per unit based only on software. How about maintenance revenue for the hardware???

Basically, Veritas has made the numbers up to fit with their own price target so that they don't look silly with a more realistic valuation.