vcr/cmq/mbp - tolhurst analysts

Someone maybe able to explain this to me.

How is it that Tolhurst Noall can value CMQ at $15.21 (conservative value)? With its current price at $6.11, and market cap of about $510M.

Yet, this in the AFR today, "However, Tolhurst Noall's Marcus Padley says despite the positive announcements, Ventracor is riding a "bubble" of positive sentiment in the biotech sector which is not sustainable. Padley says although institutions have entered the register via the recent share placement, trade in Ventracor is still dominated by retail investors in search of high risk stocks"

This compares with VCR of $500M market cap.

Both, arguable have similar spread of insto investors.

Isnt' CMQ similar traded? So why the valuation (conservative basis) of $15.21, when currently trading at $6.11. This compares with UBS valuation of $3.56

Also, looking at ABN Amro Morgan valuation of VCR of $3.17 compared to a price of $2.70.

Then Tolhurst Noall also likes MBP, which is beginnig Human trials of AOD9604 next month. This has a market cap of $300M.


Obviously shows how difficult it is to value these companies.