Hey
@daicosisgod, I've got hold of the full Wilson's note to clients, I'm not home at the moment and can't post it but I'm very comfortable with the note where it basically reinstates it's overweight outlook but downgrading target price to $7.09 (-4%) but continue with a DCF valuation of $7.86.
Top line revenue has been reduced by only $3.5M from February forecast due to cyberattack in February but importantly they have now decreased their underlying EBITDA from $28.8M to $19.3M (-33%) due to a possible increase in costs due to a restructuring of the WH sales force and the new leadership in that area. They have also shifted their royalty payments to the underlying EBITDA line from below the line, which I believe is what IR was referring to in his note to me.
I'm more confident that nothing is materially wrong with the business (other than minor cyberattack issues and WH restructuring, which may pay dividends later). I don't think that the company or IR are trying to deceive and I have come to the conclusion that the share drop is due to clumsy reporting of the Nextstellis IQVIA figures rather than previously reported trade cycles, demand cycles or units sold.
More later
Cheers
(20min delay)