NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Actually, I’m just illustrating a point. When you derive a value that is far above the market cap of one of the most prominent BP in the sector, something is obviously wrong with your approach.

Share price is share price. If you come up with a $187 share price, i.e., what’s paid per share to the owners to buy the company, that’s the only number we care about as shareholders.

If you want to include assumption of debt to derive an E/V number, that’s more of an issue for the buyer. Has nothing to do with the seller.

Note: DCF uses free cash flow that takes into effect all those future cash payments, and takes into effect cost of capital and risk. That’s the professional methodology for valuing an enterprise.