ANI Pharmaceuticals (ANIP)

[jacob613]

The way I see the base business is with $15/share. 5x70mm ebitda.
Cort could be with $500mm +, it’s impossible to assess odds of fda approval? 10% = $50mm and another $4/share of value. So when the stock is at $19, that’s the embedded math. I think using anything more than a 5x’s multiple is a mistake the sell side encourages. At the end of the say these business all have a declining margin / fcf model - even the branded business. No way should the above math result in 7x’s + ebitda multiples . And the truth has set me free