FGR - USA Research report

Taken from the report:

> Valuation and Assumptions: Based on its due diligence
and valuation estimates, Arrowhead believes that FGR’s
fair share value lies in the AUD 0.25 to AUD 0.52 bracket,
calculated using a blended valuation method; with 80%
weighting to the DCF method and 20% weighting to
EV/Revenue multiple-based valuation. Our DCF model
suggests a fair value bracket of AUD 0.29 to AUD 0.62,
while a relative valuation provides a fair value of AUD
0.10.

And further down:

> Prudential nature of valuation: It should be noted that Arrowhead’s fair value bracket estimate is a relatively
prudent estimate, as it discounts the eventuality of any new products being launched in the market or any significant
change in the strategy.