Bells report likely done by a junior analysts. DCF models, like...

Bells report likely done by a junior analysts. DCF models, like many, are just models. Data input dictates the data out. Crap in, crap out, as we used to say in the industry.

As said before above, the 55c is based on, by Bells own admission, conservative estimates. I'd say they are a bit absurdly conservative. For example, 2,000 FY2023 sales of Striate under Bio Horizons. On what planet?

At February 2022, OCC had already sold 1,500 units BEFORE THE BIO HORIZONS DEAL by the informal KOL route. The likely numbers entirely depends on the formal launch by BH/OCC that we are still awaiting (management tardy as usual), but sorry, the present Striate sales estimates by Bells are a bit silly. I'd suggest investors have a good look at MinerOss and other similar product sales by BioHorizons to have a some idea of likely Striate sales.

Similarly, one cannot wonder what low execution probability and eventual forward sales of Remplir, CelGro Tendon & Ortho ATI Bells are predicting....

I am grateful however for the coverage by Bells. Any institutional coverage in Australia is a good thing for a listed company like OCC with very little awareness amongst investors.