Thanks Pavlov. Good input and definitely worth considering. The numbers aren't too far apart. but I would personally never rely on sell side analysts to do the important work of valuing/pricing a business. If you know your way around financial statements and follow the business closely enough, it's always better to do your own work and make your own assumptions. I have made the decision to be extra conservative in my assumptions, at least in my view, which explains why my analysis shows a lower level of profitability. But good to see strong profit across both sets of assumptions.
Not investment advice. Do your own research, etc.
FBR Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
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