JPM Initial report..., page-5

Madam -  I am not a Financials Specialist, so will have to read this further.
"And I think I know what the analyst has done. Because he/she is a US-based analyst, and being involved in the NASDAQ listing {more of this later}}, it strongly looks to me like he/she is considering - as the share count in calculating the cash in per share terms - only the 85.4m ADS (equivalent to 42.7m ordinary MSB shares."
SEC Filing F-1: " representing 28,712,550 ordinary shares of Mesoblast Limited, or Mesoblast. Mesoblast is offering 5,742,510 ADSs. Each ADS represents five ordinary shares, no par value, deposited with JPMorgan Chase Bank, N.A., as depositary."
I'm not nit-picking, I also have no faith in broker reports, just trying to understand.
Re JPM, in this case, the original Post:
"See page 36 for analyst certification and important disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision."

They were of course the Primary Bookrunner, along with CS.

As an aside, in 1999-2000 or so, the period of greatest euphoria in USA, 99% of Analyst Recs were BUY or STRONG BUY etc.
This was obviously wrong (they can't all possibly be BUY's, can they?), created  national outrage, and clearly the "Chinese Wall" between Analyst's Research, and Investment Banking was non-existent.
I'm not sure a lot has change since then.

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