Avid Bioservices Inc (CDMO)

[jakedogman1]

The FY 2019 ends 4/30/19 and the CC for past years has been mid July. Lias stated on both qtr cc's and in some presentations that the work they are doing is gearing up for FY 20. My guess is rev updates related to halo and the "contracts" they are working on will be disclosed at that time.

Given they reworked and consolidated all the employee option programs in December, my guess is options awarded between now and July CC.

At 85% capacity they should be able to get to $85 mil revs (they have 43 mil backlog for fy 20) plus 25% process dev rev. AT 5 times sales multiple, the sp should be $8 to $10. A recent comp valued another biologic manuf at 6.8 multiple. They should be able to hit these numbers. And this assumes zero contribution from bavi/oncologie milestones. All imo.