HMD Valuation, page-6

I just chucked a few numbers from the presentation and latest annual report into my skeleton spreadsheet and it came up with the below.

I had to make a few assumptions on expenses - mainly the current R&D costs are currently majority payroll related expenses. I couldn't find the cost of sales details, so I've just increased the R&D by $1m each year. Hopefully this would be close to covering production as economies of scale would come into bulk manufacturing.

I also only use a 25x PE, however 40 may be more realistic.. From memory I think tech is currently around 89 after the Covid.

I've added the sales calcs which you can work out what my assumptions are there.





IMO, DYOR, etc...