Don't know why anyone would own these stocks if they did not believe they are already private companies. They may be in a fraudulent conservatorship, but they have been private corporations along. Patswil's projections are accurate.
You cannot predict PPS based on PE until it is a private company.
While the earnings and P/E assumptions are optimistic but at least somewhat reasonable, it's the share count of 1.16B that is completely beyond reason.
Treasury's warrants alone will add 7.2B, not to mention a junior-to-common conversion and a massive common share offering, big enough for new investors to demand at least a controlling stake.
The price target of $219 per share is a great example of "garbage in, garbage out."
The commons are impossible to value without an estimate of the final share count. I did so in this framework post, while Matthew Howlett also did so in his Nomura research piece from May that ended up with a $5 price target on the commons when capital is raised.
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