Nocopi Technologies Inc (NNUP)

[Shredder13]

FY18 Normalized operating profit should come in around $467,345. This was adjusted for the topic606 accounting change that caused new contracts to be realized upfront but creates a long term receivable on the balance sheet when prior to 2018 it was accounted for as deferred revenue over the life of the contract. Also, Pennsylvania changed corporations use of NOLs during 2017/2018 and Nocopi will only be able to deduct 12.5% of their income before taxes. Net income should be around $426,000 EPS of $0.0073.

At an 8x multiple Nocopi would be valued at $0.0584
Guess at cash of $200,000 or $0.0034, and Nocopi should be valued at $0.0618