Share Price, page-8777

in response to efr999 - I included the milestone payments in the cash flow that I applied the PE to. The milestone payments are almost a recurrent source of revenue. As the milestone payments for Daybue in the US fade out they come into play for the RoW and then the milestone payments for 2591 come into play in the later years. But by years 8-10 they are so heavily discounted that removing them would not make a great deal of difference.

I have also not included a terminal value in year 11 as someone has suggested I should do, as it's a usual practice in determining the value of a business. That will add significantly to the total NPV of NEU. I may include that in a later iteration of my spreadsheet, but it won't affect my estimate of the share price target year by year.

I wonder if the PE of other listed companies is calculated on their earnings inclusive of extraordinary items or not - I assumed that the last reported net earnings of a company includes revenue and expenses from extraordinary items as well.