Highly likely they used below, but which analyst gave 15 cents...

Highly likely they used below, but which analyst gave 15 cents for Imugene, depends on who else they are reviewing if they are also modelling Imugene rival companies or friends with TOM from AFR then we know why

Discounted Cash Flow (DCF): This model estimates the present value of Imugene's expected future cash flows, discounted back to today's value. Given the company's status as a biotech firm with ongoing clinical trials, the DCF model would consider potential future revenues from successful drug development and commercialization.

Peer Valuation Multiples: Analysts use comparative valuation multiples such as Price-to-Earnings (P/E), Price-to-Book (P/B), and Enterprise Value to EBITDA (EV/EBITDA) to compare Imugene with similar companies in the biotech sector. The valuation at 15 cents could reflect how Imugene's metrics compare to its peers, accounting for growth prospects, risks, and current financial performance.

Dividend Discount Models (DDM): Though less common for biotech companies that typically do not pay dividends, a DDM might be used if there are expectations of future dividend payments