Covi-Pantel . NZ Trader Release, page-1420

Given the past discussion on the valuation of PAA and therefore SP i was interested to browse the valuation (thanks @Dryasachip) for the NASDAC listing in September 2015 as this would have been an independent and comprehensive assessment of PAA's value based on its existing science and IPs. Interestingly and surprisingly to me, given nearly 6 years have past the current MC of PAA (~$32 million) is less than 50% of the "low estimate" valuation in 2015 i.e. $64.6 million and only 1/3 of the high estimate of $98.9 million (see table 1 below).


I assume of of the above products are still active.

Given the significant de-risking since 2015, the additional shots on goal e.g. MND, covid) the current MC (share price) is way undervalued and at a minimum should be in the range of the "high estimate" valuation of $98.9 million. My thinking is also supported by the fact that in 2015 the pre-tax discount factor used was 15% whereas the risk free rate on which the discount factor is determined has dropped significantly since 2015. A lower risk free rate resulting in a lower discount rate would increase PAA's valuation and therefore current MC (SP).

Thats got to tell us something, either the message hasn't been delivered effectively to the market or investors have switched off PAA and invested elsewhere. Its very easy to get bored investing in companies which are unable to promote or sell themselves to the broader market. This is quite damning given the market is awash with money and new investors.

I would be very interested to see an updated valuation (must be >$100 million) but in any case the upside, should be that with announcements of positive results, delivered with investors in mind, for any one of doggie or human cancer, MND or covid the SP should pop to somewhere in excess of 30 cents.

Continued success of MPL would mean the SP has no upper limit so gotta continue to hang in there to reap the future benefit