Any valuation based on future cash flow is currently being trumped by investors perception that the share price will be lower in the future - obviously driven by the their judgement that a capital raising is required. Until either AVH raises capital or releases financials that would be contrary to the raising capital, the AVH sp will be stuck in this pattern.
Here are a few figures to assess the need to raise and timing there of.
Below are the liquidity ratios as of 31st of March;
Moreover, current assets were $25 million compared to a rate of burn of $13 million.
Given we are at the end of June, if those trends continued, then AVH would currently have another 3 months of liquidity left.
I have no idea whether AVH will be able to avoid raising cash, but given they are holding out on raising capital, I'm assuming they are betting that they will have financial results that will either avoid the need to raise cash or put them in a better negotiating position. The longer we don't hear anything in regards to a raise, the more likely it is that AVH can avoid raising capital (unless i've entirely misread the room and they have not found any investors!).
(20min delay)