CXL Valuation, page-7

Well, I've had a go at a valuation. It is very conservative, using assets we know about (Lielac, for example at $321.4M) and various income streams x 20 (giving a 5% yield - not sure if this is appropriate. One would have used 10% a few years ago, but with interest rate at 2% or so ... ?) and adding $160M for 'unallocated' research (a wild guess). Total value $1,006.1M.

This is very rough, but conservative. If correct, with 158.6M shares on issue, this would be approx $6.34 per share. But note that I've obviously not counted numerous goodwill items, plus I'm sure projects in development would be worth more than all the above, but impossible to quantify.

So, lets say, absolute minimum value of $6.34 per share, perhaps a bit greater or perhaps several times greater.

Please do your own research. The above is for discussion purposes only.