I believe the other IE Reports you refer to @Tiamaria would be...

I believe the other IE Reports you refer to @Tiamaria would be those that appeared with the initiation of research by specialist Healthcare analysts in 2016-17. They are available on the ResApp website under the Investors & Media/Analyst Coverage tab, but direct links to the three are provided below.

Because of the timing those analysts obviously were unable to take into account the added value of recently developed products such as SleepCheck-Rx, ResApp-Cc and the various potential applications of the COVID-19 Algorithm.

The Algorithm was reported in March to have a high specificity (greater than 90%) in distinguishing the cough characteristics of COVID-19 (the respiratory disease) from other Breathe Easy disease cough signatures. This has clear value in accurately extending the capabilities of the Dx product. Strangely, this application has not been referred to in any documentation released since, including in the IER valuation.

The same 22^nd March announcement reported lower specificity of 80% for the Algorithm’s ability to act as a proxy for detecting the presence of SARS-CoV-2 (the viral infection). The subsequent Validation Study showed that it is this second potential application that requires ‘tweaking’. Considering that the COVID-19 disease symptoms can last for several months but the PCR-sensitive viral infection is only detectable over a couple of weeks, the ‘tweaking’ obviously will include controlled timing in the data collection protocol.

Returning to the earlier expert valuations, the first was undertaken in July 2016 by Stuart Roberts for NDF Research. That analysis gave a valuation range for ResApp of between $406 million and $970 million, with a share price range between 51.8 cents and $1.237.
NDF’s preferred midpoint valuation was $688 million and 87.8 cents per share.

Patersons Securities undertook a quite detailed analysis of ResApp in November 2016. It gave a Base Case valuation to the Company of $461.3 million (at 58.6 cents share price). It’s more optimistic High Case valuation was $1.79 per share.

Morgans began its coverage of ResApp in July 2017, with well-known analysts Scott Power and Ian Wilkie. Adopting a conservative DCF approach the conclusion was a Base Case valuation of $392 million, or a share price of 48.0 cents.

Each of these earlier valuations were undertaken by well-recognised expert analysts in the Australian equities Healthcare sector. By comparison, the BDO Corporate Services website lists no Healthcare specialist in its Perth office.


NDF Research (July 2016)
https://www.resapphealth.com.au/wp-content/uploads/2016/07/2016_07_25_resapp_report_from_ndf.pdf

Patersons Securities (November 2016)
https://www.resapphealth.com.au/wp-content/uploads/2016/11/RAP_Initiation_161116.pdf

Morgans Financial (July 2017)
https://www.resapphealth.com.au/wp-content/uploads/2017/07/AUS_RAP_170707_What_s-in-a-cough.pdf