Yeah, they are shocking. Its just free fluff to attract users to...

Yeah, they are shocking. Its just free fluff to attract users to their paid service (which is still devoid of quantitative analysis for the most part). Interesting re: the R&D Tax rebate. I was always under the impression that this related to the Vaccines business (an entirely separate entity), so i can't see why it would no longer receive an R&D rebate even though its major shareholder (Admedus Ltd) has revenues of >$20M from its other wholly owned subsidiaries. (Admedus Regen, and whatever Infusions trades as).

I give no credence whatsoever to the MF write up, nor the Morgans report.
The Morgans report shows revenue going backward next year (R&D Tax rebate was circa $3.4M, so it implies real growth of <5%... which is laughable - 2018 will be a watershed year).

They are also suggesting 16% revenue growth to 2020, however - they still reckon there will be a cash balance at 2020. There is simply no way in hell that 16% revenue growth causes enough cash to come in to sustain a cash balance to 2020. No way. If revenue only grew 16% in the next 3 years, (unless costs were dramatically slashed again), AHZ would be out of cash much sooner than that - particularly given that they don't expect any R&D rebates.

They also suggest that trade payables will begin to exceed trade receivables, and that inventory will expand.
So let me get this straight... they expect that AHZ will just keep buying stock, and not selling it so it can sit on a shelf in a warehouse as a balance sheet asset? I don't think so. The only way that trade payables swells that much is due to customer demand - which would also cause an uplift at the revenue line, and at the trade receivables (debtors) line.

None of it stacks up - it is the most garbage analysis i have ever seen.