DJ Carmichael's 'recommended' valuations

Even after 6 months following CM8 I still feel totally out of my depth trying to understand the business behind the business of CM8.

I would appreciate your help in some clarity and your thoughts on the following:

1. Can DJ Carmichael present their reports as ‘research reports’? They clearly have vested interests, as both a shareholder, and earning fees for raising funds?

1. Does anyone know if DJ Carmichael’s track record in producing accurate research reports?  That is, how often are they correct on companies reaching their ‘recommended' valuations?  

  When  I look at their ‘Recommended Valuation’ of 0.97 in Jan 2016, and now in July of 0.68, yet CM8 shares are currently trading at 0.15 and read their rationale of why CM8 valuation has been both reduced from Jan, but is also 4x what it is now.

I just get white noise in my head and don’t understand it. Any help will be greatly appreciated.