macquarie research report, page-65

Any one could have produced back of the envelope calculations like MBL did to find that INL was worth minimum 13c and anyone could have doWngraded their technology by playing it safe as they did and atrribute 1 or 2c for it.
The real job of the analyst is to find the realistic possibilities that this technolgy can enable and value INL accordingly, A real analysis of alternative technologies and the probability of INL beating every other technology to the market place is what was called for. This would have been the implicit expectation of MBL's clients and the wider community in general. This is where the potential upside is. Its the job of the analyst to be first in getting it right.
The most important aspect to the value of INL they label it as subjective and move on. That is the real easy way to do it.
I feel they have done this but have not included in this report. .
I read sinister motives in MBL's involvement with INL.
Cheers.

Also consider ;
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RXL PEK GLF AIV
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