I agree. I wouldn't sell at these prices even if we didn't have NNZ-2256!
Daybue guidance (70m AUD) on a 40 forward PE = 2.8B AUD. We also have 250m cash on top of this. Zero value assigned to NNZ-2256
This 40 forward PE is very reasonable because:
Peak sales won't be achieved in the first full year, so there will be growth in the coming years (North America)
Additional geographies will add more sales, even if the pricing isn't as strong as North America (Europe and Japan, EMA)
Milestone payments aren't included in my calculations, but they go straight to earnings. These milestones are reasonable and many of them can be hit within a reasonable time frame. An additional 77m~ is projected to be comfortably hit based on the guidance already provided.
PRV isn't included in these calculations.
We have very low expenses compared to peers and, our expenses spent on R&D are partially a tax deduction.
NEU Price at posting:
$18.85 Sentiment: Buy Disclosure: Held
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