Ann: SCENESSE Argentinian distribution agreement, page-6

Obviously won't make us bags of money but if they can keep up regular news flow and progress like this that would be excellent. As I have said before, if the past few years of conservatively building up a large cash balance and earnings is to be proved a good strategy, it is now time to put that cash to use pursuing an ultra-aggressive, but targeted, expansion. This is the key to triggering a multi-year rally rivalling that of PME. A market cap of just $10 billion (very realistic and in fact cheap if the pipeline is indeed executed on), that would equate to a share price of $200. Rough valuation, vitiligo could generate c. $500m in sales (Company forecast $490m - $570m in the first two years), likely growing at a fast rate. Combine that with around $100m EPP sales (likely to be higher than that due to expansion in distribution centres) and we are likely looking at around $200m in earnings, potentially higher due to increased scale and no more phase 3 trial expenses. So with just Vitiligo and EPP, and around 40x multiple (very conservative relative to fast growing healthcare peers such as TLX and PME) we already get practically to a $200 share price. Of course, the cosmetic opportunity could be even bigger, and with high margins that could see earnings substantially (but unpredictably) higher than that.