Ok let me try: TOX has 525m shares so market value will be $84m. Deduct the $4m cash we get an economic value of $80m. So TOX is valued at 10 times on an EV/EBITDA bases on next year's BASE CASE forecast. The multiple on this year's number is 16 times. A bit conservative but reasonable I suppose?
Ok let me try: TOX has 525m shares so market value will be $84m....
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