Because revenue growth for 2025 (relative to 2024) is priced totally in. Right now our $750m EV is just over 5 times last years NPAT we all know 2024 and 2023 had a higher amount of one offs, yet somehow that's a bad thing? We're victims of our own success I suppose.
Guidance for licensing income alone (not including one offs) is $62-67m - a lot of which will go straight to bottom line given our measly overhead costs. That's barely over 10 forward PE for a high quality growing reoccuring income source not the mention the few hundred million dollars (in USD) milestones that could into play for both RoW and NA. R&D expense for Phase 3 is our main item but we have cash at bank to handle that and we know (if succesful) that the money invested there will make the company worth 5x more at least.
You may be able to sell and buy back cheaper but that's entirely dependent on more people panic selling and you buying back in again.
NEU Price at posting:
$9.05 Sentiment: Buy Disclosure: Held
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