sum of parts aranas valuation imho

Cash $180m
Debt $ 0m

Royalities $ 80m

Sub Total $ 260m

Pipeline Value assumption at some time in the future.
ART 621 $164m $219m
PMX53 $ 68m $ 84m
PMX-AMD $ 56m $103m
ART101 $ 21m $ 27m
ART104 $ 21m $ 33m
ART010 $ 19m $ 27m
ART150 $ 5m $ 7m
ART140 $ 5m $ 8m
ART160 $ 5m $ 5m
Sub Total $444m Low End
Sub Total $593m High end

Platforms Technology Value assumption
Superhumanisation $ 20m
Synhumanistaion $ 20m
EvoGene $ 20m
Sub Total $60m

Lucrative Partnership Deals Value assumption
Aveo 1st Product Milestones $2m Royalities @ 4% $20m
Aveo 2nd Product Milestones $2m Royalities @ 4% $20m
Aveo 3rd Product Milestones $2m Royalities @ 4% $20m
Aveo 4th Product Milestones $2m Royalities @ 4% $20m
Aveo 5th Product Milestones $2m Royalities @ 4% $20m

Vengenics 1 Product Milestones $2m Royalities @ 4% $20m

CSL Limited 1st Product Milestones $2m Royalities @ 4% $20m
CSL Limited 2nd Product Milestones $2m Royalities @ 4% $20m

GSK 1st Product Milestones $2m Royalities @ 4% $20m
GSK 2nd Product Milestones $2m Royalities @ 4% $20m
GSK 3rd Product Milestones $2m Royalities @ 4% $20m

Sub Total $22m Milestones
Sub Total $220m Royalities


So a sum of parts calculation could look something like this.

Low End High End
Cash $180m $180m
Royalities $ 80m $ 80m
Grants $ 7m $ 7m
PipeLine $364m $513m
Platforms $ 60m $ 60m
Partnerships $242m $242m

Total $ 933m $1082m


COMPARE THE TWO

ARANA – market cap today is $ 244 Million
Arana has 7 products in development
1 in the clinic.
1 in collaboration with Kyowa.
Arana has 11 in Partnership deals with Milestone and royalties expected on sales.
Arana has 3 technology platforms.

DOMANTIS – Sold for GBP 230 Million this equates to A$575 Million
Domantis had 5 products in development
None in the Clinic.
9 in partnership deals.
And 1 technology platform, this I could be wrong on.

Well is Arana undervalued,, anyone.