After doing some cursory DD on SNMX I am turned off but what I’ve encountered. First, there was the releasing of news to coincide with the December IPO lockup expiration (#msg-4977145).
Why should that turn you off? If the news should have been released + or - a day or two, I'd call it pretty smart.
Further, at the recent First Albany presentation, the CEO grossly hyped the size of the potential market on which SNMX’s royalties will be based.
Clearly you have forgotten the common use of "puffing" :-)
It seemed to me he just used total sales ( easy to verify) of the companies they have collaboration with and did not include a possible potenial % of flavors used therein. Which is why I cut this by 80% in my previous post. In other words the cutback should be obvious.
Rather than questioning possible puffering the real question is why they didn't they give a % of their partners total sales that might be susceptible to flavor enhancers? One suspects harder to come by than actual sales. But there should be at least some guidelines { which kind of enforces to a minor degree your basic point}.
Ant's comments on royalty % seem much more worrisome. But then why would management be pushing the 1-4% mentioned? That would put them under legal scruitiny when the % within the food industry should be well known. If they are over balling these it would seem they would be easily susceptible to being called on the carpet by a stockholder's suit.
Aside from ant's example (which is really not food) do we have any food industry experience amongst posters that enable them to comment knowledgably?
BTW the numbers I came up with seemed consistent with estimates by others.
Maybe we can mine some data from IFF 10K's, industry mags, etc. I'm on another road trip, but will try when I get a few minutes here & there.
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