big market cap., page-2

Don't think this is valued on cash or patents anymore.

The cash is good and gives people a real understanding about how careful management are with their funds (compare to other bios in multiple CRs) and the patents obviously provide necessary protection but this is now valued on proximity to significant cash flow.

Each nearby deal is probably worth about 20m and there seems to be 2 deals that are in the hot territory so $25m NPAT at a PE of 20x is 500m so current market cap is estimating 35-40% chance of success.

If the first 2 deals are done then the floodgates open to many more so 3 year forward NPAT maybe 50m+ or maybe the current market is only ascribing a 20% chance of success.

Anyway - 21.5c or 18c are either both a big market cap or cheap . . . Time will tell.