The way i see it, they've adjusted for the fact that income looks like being pushed out in to next year possibly next FY. I mean a DCF valuation is a valuation based on the future cash flow discounted for cost of capital and timing. Further out, worth less. There might be sour grapes but maybe they decided the risk of those future cash flows was greater.
I haven't looked deeply in to this bad boy yet but to me, it's in an industry of huge potential. Some of the assumptions (ie growth in sales) in that Canacord report are lofty (but I note FLC say they can reach them - & hopefully sooner).
Any slippage will continue to hurt in the short term. Execution is key. But you all already knew that.
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