DXB - Research & Valuation, page-36

Unless I am reading this report in a wrong way, can someone explain:

In 2023-24 FY...we have received around 11m AUD upfront already as part of Advanz deal...Why is their revenue showing 0.4m only? We only discount future cashflows as they are uncertain not what has already happened

In milestones alone from two deals, we will get around 350m assuming we launch the product....This represents 30% of the market so in absence of any information, US, China and ROW should be expected to bring ~700m in milestones and upfront payment....

So total 1b by 2027 in milestone and upfront payments....

even going by their conservatives estimates, we will get 360m in royalties at peak...

So lets assume we reach peak in 2030....I assume 10% of them in 2026, and 20% in 2027...that's 36 + 72m: ~100m

1.1bn non discounted potential revenue by 2027...and they must have provided a huge discount factor in their calculations...

If my view on their assumptions above is correct, the person who came up with this should never value another company again.