Neuren Media and Analyst Coverage, page-1178

I think we can all agree that we're worth 5b USD as minimum as of right now

This is a 7.5B valuation in AUD terms which is over $50 per share. I think this is a starting point because...

We Have... (one off and cash)

• 250m Cash+
• 50m PRV (One Off)
• 75m (250m sales Daybue in NA)

$375m AUD cash and one-offs

Daybue 2024 Guidance is 61-60m. Let's go with 65m.

65m x 40 PE = 2.6B AUD

Why: Incredibly low forward PE for high quality earnings that mostly go to the bottom line. Growth will occur in North America, and we are likely to get approval in other markets over time. The royalty rate as a % increases as time goes on, and the RoW % is higher than North America, along with other milestone payments

Total: 2.975B AUD ~ let's round up to 3B AUD
(Daybue alone)

Assumed Value for NNZ-2591: 4.5B AUD (Current Value)

That assumption would mean an acquirer would be paying about 4.5B AUD (or 3B USD) for NNZ-2591 entire global rights for every indication. It doesn't seem like a lot when you put it like that. There is potential for NNZ-2591 to be worth 10x but we're also only have phase 2 results with relatively low patient numbers in hand. It does seem like a better value proposition than the others mentioned above to doesn't it?