analyst valuations

Ord Minnett: $1.06 to 53 cents
Southern Cross: 75 cents
Nomura: 31 cents (during recent downturn)


Transcript of ORD coverage, available on PRR website:

"We initiate coverage on PRR with a Buy recommendation and risk adjusted DCF valuation of $0.53 per
share(pre discounted valuation of $1,06). As the clinical trials progress and commercial sales begin in some jurisdictions as early as FY12, some
of these events will be catalysts for substantial upside revision to this valuation. We believe CVac can
achieve “blockbuster” status (sales of $1 billion or more per annum), and at current prices offers an excellent
opportunity to participate in this highly prospective and locally developed oncology treatment.
Catalysts for the stock over the next 18-24 months include: 1) completion of Phase IIb recruitment (expected
by 3Q11), 2) German/EU manufacturing approval (Q311), 3) completion of Phase III trial recruitment
(expected by 4Q12), and 4) indicative results of the Phase IIb trial (expected by Q312)."

.............Some of these targets have already been achieved. I have a strong feeling these valuations will eventually be reached once we cross 28 cents next week and 42 cents after the listing. Goodluck to all.
Brainy