Amyris Inc (AMRSQ)

[finesand]

Tranche-B and 2Q17 ER waiting game, blocking recovery.

One way to look at the current MCAP evaluation is by comparing it to past performance, i.e. P/S ratio or whatnot. In this view, the stock is surely undervalued. Especially if you look at DSM's purchase price above $7/sh of the last Tranche-A offering.

Another way to evaluate the stock is simply by applying conventional and conservative metrics, here the company still has a long way to go to prove its future profitability. We know that.
COGS versus product-sales must be improved for profits finally. The profit-sharing instrument will not hit the bell yet, as shown in last investor relation presentation. The cooperation- or research-income might get reduced. All this may cause a flatlined revenue until 2018, until the new production facility can become online.
Conservatively speaking, the debt ratios are still sub-optimal and there is still no equity available for common shareholders, i.e. total liabilities outweighs all assets.

Anyway we look at it, company got the 'paying forward' long term DSM investment at a good premium. They can be patient for 2018/19 turnaround game, due to the great technological advantage of this company.

How will the Tranche-B offering, around additional 5M shares for DSM at above $6.30/sh be received?

Price appreciation forward as DSM does may not happen in the open market until next year and we may see more roller-coasters. However, let's be ready for this company's turnaround story. May signs be visible EOY or early 2018.