Morgans 26c price target, page-34

Don't understand Morgans val.

They're assuming share price without conversion off option holders.

If you add back in the conversion before July this year at 325m shares @ 10c using their at risk val methodology, you get 1b shares outstanding and a valuation of 20.8c. Also doesn't include any other non-listed performance options etc and assumes no cash burn.
Does anyone want to provide a comment? Still a good result, just think you're all pricing this wildly high.

Obviously, as a holder I want to be proven wrong - Just trying to solve this in my head. Good result today.

	Column 1	Column 2	Column 3	Column 4	Column 5
0		Exisiting Shares	763.5m
1		Options Converted before July 18	325.0m
2		Total	1,088.5m
3
4
5	Risked Valuation	Before Val per Share @764m O/S	Adjusted	Risked Value	After Val per Share @ 1.1b O/S
6	83.9m	$ 0.11		83.9m	$   0.08
7	37.7m	$ 0.05		37.7m	$   0.03
8	10.0m	$ 0.01		10.0m	$   0.01
9	50.0m	$ 0.07		50.0m	$   0.05
10	(10.0m)	-$ 0.01		(10.0m)	-$ 0.01
11	22.0m	$ 0.03	32.5m	54.5m	$   0.05
12	Target pps	$ 0.26			$ 0.208