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This is copied from page 20 of Hartleys Report Cheers

Our price target is based on both quantitative and qualitative analysis of the most appropriate discount to our valuation for a company like Hawkley. We estimate discounts for size, liquidity, risk and takeover potential. The resulting discount of 40% to our valuation gives a price target of 68cps.
Price target is a 40% discount to our estimated Net Asset Value. We expect that achievement of milestones will result in reduction of this discount and a re-rating of our price target.