Simple arithmetic tells you that these so called star analysts have their projections completely wrong.
They've obviously taken a top down approach to build their addressable market size not a bottom up from actual cases.
Assume the mid point of the range and say 275 cases per annum growing at a CAGR of 20%...that extrapolates out to sales in 2015 of US$45.6m (assuming 100% market penetration and US$80k pa cost of treatment)
CXS has Ordinary shares on issue of 283.2m + options...so UNDILUTED market cap = $195m at a SP of 69c
The Risk/Return does not stack up IMO under a DCF applying a reasonable WACC...yet alone a probability discount for risk of non-approval by the FDA.
Best of luck
Rgds
Prof
CXS Price at posting:
68.0¢ Sentiment: None Disclosure: Not Held
