Just a couple of points. The milestone payments are one-off so...

Just a couple of points. The milestone payments are one-off so shouldn't be included in revenue for valuation purposes as they do not recur in subsequent years. That brings the revenue back to $1.8bn. The current structure for North America has graduated royalties averaging at about 12.5% and I see no reason why they would hit 15% overall as this would presuppose a top rate in ROW of about 25%, which seems unlikely. So lets keep them at 12.5%. That would give $US225 million revenues or about $AU338 million. Knock off 40% for overheads, and this gives an EPS of about $1.60 per share. Using your multiplier of 20 P/E that still brings it out to $32 per share; a realistic and still impressive figure based on Daybue alone. Throw in the blue sky of NNZ2591 and this share has lots more to offer. Although I must say I wonder why a buyer would pay 20 times current earnings per share for an income stream that has 7 years to go in the US and 10 in Europe..