research reports and media, page-496

Interesting article; thanks for posting Eire.

Pretty conservative assumptions, but that's fair enough.

A couple of comments; we now know that the Bene royalty is only 2%, not 10% as assumed in the article, but on the other hand, we also know that the exclusive supply agreement with Bene covers only ANZ, and a few smaller markets in the Pacific region, and excludes Europe and the USA. This geographical limitation to Par's IP protection wasn't flagged, but should have been.

In terms of helping us to ascribe a valuation to Paradigm, I don't think it adds very much. But nevertheless, it's a good thing to show up on yet another radar screen.