Company Valuation 101 - Question, page-214

Here is how I read the landscape - the SP went to a highest close of $2.69 Nov 13th based on, IMO, comms advising finalisation of CFDA in Nov.

Since then it has reported 1st qtr results and across 3 different documents finally spelt out CFDA won't be finalised this month and it will be a minimum 3 mths before approval of CFDA (March 18?).

In the meantime from 1st Jan 18 it will only be able to sell the product it has in China on that date - nothing can be supplied into China stores from the 1st Jan onward.

As yet BUB still hasn't finalised its submission of its application for CFDA (as far as I can see) - so likewise no supply of product into China post 1 Jan 18 until finalisation of CFDA

During that time A2M will continue to hammer the Chinese market with its product

WHA will give its IMO, lackluster 1/2 yearly financial update in Feb 2018, most likely before finalisation of CFDA is received.

Can someone advise me, given my thoughts, what they consider is the fair value of WHA today and up until CFDA (and why) wherein, it can resume to try to penetrate the Chinese market knowing quite a number of other companies (around the world) are already approved and in China selling IF?