BP report, page-12

It is also worth noting that Bell Potter’s 28.5c valuation of NEU is their base case valuation. This is evident in their ‘probability of success’ assumptions and also in their ‘Peak Global Sales’ assumptions.


For example, on page 6 Bell Potter states that Fragile X could represent a US$8.7b market in the US alone, however the base case valuation only includes Peak Global Sales of US$1.7b for Fragile X.


The upcoming TBI results are likely to be the last set of trial results received before a licensing/partnering deal is done. I think the market will recognise this and we will see an appropriate re-rating over the next few months leading up to the deal.