Well given it is an EV peer comparison valuation it actually means if you take away the 75% discount factor EV goes up by 4 times. So as a rough guide it would increase their valuation by 4 times if you removed it. I did some quick calcs in a spreadsheet based on the numbers in the report (used the 2.76 multiplier instead of 0.69) and came up with 91.5c (assuming no further dilution and cash is spent) which is further away from the Soph Inv. 30c target but in a good way!!! I guess this (peer comparison) is only one approach to valuing PGO but comes up with some nice results....
PGO Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
