Sturt Roberts Report is actually very good albeit being 12 months old, it's worth noting that his valuation had actually already included a move for a further $12M in funding (funny how it came at $12.5M) right in line. If you actually run the dollar figures of the targets $0.12 @ $113M base case & $0.21 @ $198M optimistic. Also worth noting that the $12M move for capital had been assumed using a $0.03 price so the target would be significantly higher based on the higher price of RI & smaller issue of stock.
"Base case $0.12, optimistic case $0.21. We value Patrys at $0.12 per share base case and $0.21 per share optimistic case using a DCF valuation of PAT-SM6 and PAT-LM1, diluted for a future A$12m equity raising that would fund the early clinical trials of the products. Our target price of $0.12 per share sits at around the low point of our DCF range."
PAB Price at posting:
5.8¢ Sentiment: None Disclosure: Held
