I would not take the report at face value. I believe the author made some bad assumptions to better illustrate his point. You should do your own analysis for future valuation on the company.
It looks like they assumed that convertible debt would be converted to shares, rather than paid off in cash, to arrive at a fully diluted market cap of $1.56 billion.
They took Q1's revenue and annualized it to get $1.3 million for yearly revenue. Last year GNUS's revenue was almost $6 million.
People are buying GNUS for future revenue growth, the report makes no assumption here. Future valuations should account for ad revenue generated by Kartoon Channel and merchandise licensing revenue. The report makes no mentions of expectations
I did take a look at viewing of Rainbow Rangers on Nick Jr. They seem to be correct for the few days I went over.
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