Earnings and Valuation:
x We value NWZ at A$0.21/share, based on industry metrics, peer comparisons, and forecast revenue and earnings multiples.
x We believe NWZ has the potential to be valued at significantly more than our 12-month price target once it achieves cashflow break-even and/or reduces its financial risk.
x The global market opportunity is enormous for this company, with the next 12 months being the critical period for it.
