XNRGI Inc fka NPWZ

[ShortonCash]

from the 2015 report before the battery....

This sum of the parts approach produces a present value of all of the company’s intellectual assets and
tax loss carry-forwards of $117.7 million.
In our second, more practical approach, we estimated the company’s likely revenue progression over the
next two years and calculated a revenue achievement of $14.5 million which, when a 3x revenue multiple
is applied, produces a value of approximately $43.5 million which, discounted at a 15% annual discount
rate over two years produces a base value of $32.9 million. Add in the tax loss carry-forwards estimated
value of $14 million and a total value of $46.9 million can be calculated. Currently the company is trading
with an enterprise value of about $6 million.
The steep discount from our valuation calculations is almost certainly attributed to the enduring
inability of the company to generate revenues and the generally disappointing history of fuel cell
investments. Investing at this time before real commercial corroboration takes place has its obvious
risks, but it will not take long to respond positively if any of the pending customer discussions translate to
real material engagements. It is understandable, however, why the market is taking a “show me” attitude
towards this company and its stock.

http://neahpower.com/wp-content/uploads/2015/06/consilium-global-research_3-18-2015.pdf