Amarin Corp Plc (AMRN)

[xblkbk]

MrMS,

Unfortunately I don’t have access to her research now that she is at Piper. However I did have access when she was at Roth.

This is her old valuation parameters from a note back in 2020 when she was at Roth:

Our $31/share price target is derived from a risk-adjusted net present value (rNPV) analysis, based on: 1) $14/share for Vascepa in the U.S. (approved, $3.6B peak revenue); 2) $16/share for Vascepa in the EU (2020 launch, 100% POS, $3.1B peak revenue); and 3) $1 additional cash per share. We take our model out to 2030 and use an 6% discount rate.

So, IMHO, the $19 is based on a similar expectation of EU value, along with a much diminished value for USA.

Bottom line, for me, our stock price is very undervalued just on the EU alone. Let alone, Canadian and China royalties, USA, with Healthnet litigation outcomes and/or if Marjac pulls off a Doug Flutie Hail Mary, and RoW.

Best,
xBLKBK