Extract from Pitt Street valuation update released 14 Jan 2021...

Extract from Pitt Street valuation update released 14 Jan 2021

Weebit Nano Ltd.


Valuation update: $4.75 per share




Valuation metrics

	Column 1	Column 2
0	Valuation per share (A$)	4.75 (was 1.36)
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Source: Pitt Street Research


Valuation of A$4.75 per share

When valuing WBT we have taken the same approach that we took when valuing BrainChip at $0.43 in mid-2019 when it was trading at $0.04, i.e. we believe the company should be valued in line with what the industry is willing to pay for similar semiconductor IP companies.

Given the expectation of WBT being able to sign a commercial deal for the embedded ReRAM module by mid-2021, we believe the company should be valued around $750m, or $4.75 per share on a fully diluted basis.

Please see page 4 for an overview of key investment risks.



Analyst: Marc Kennis
Tel: +61 (0)4 3483 8134

[email protected]




Disclosure: Pitt Street Research directors own shares in Weebit Nano Ltd.




Readers should be aware that Pitt Street Research Pty Ltd has been engaged and paid by the company covered in this report for ongoing
research coverage. Please refer to the final page of this report for the General Advice Warning, disclaimer and full disclosures.

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