they completely discount the ongoing revenuse stream from lovenox royalty in a multiple generic scenario (+73c/share to -35c/share = -1.08c/share).* sure overhead is going up modestly - some 3M/quarter (which is presumably why they say "-1.08c OR MORE"), but even the most consevative estimates for royalty has MNTA generating >5M a quarter, and more likely 10M a quarter
We can criticize their numbers and assumptions which I agree are conservative, perhaps tooooo conservative. But they lay out the valuation model in Part B in detail. Assumptions are always in the mind of the author.
I consider the financial work up a quality job.
I also found some insights in the report that I have not seen anywhere. Another indicia of quality.
Respectfully,
ij
There are times when rules and precedents cannot be broken; others when they cannot be adhered to with safety. (Thomas Joplin)
AI
