It is extremely important to remember that many of these Pink Sheet and OTC-BB companies are still in the start-up stage. They are small companies. Very small companies. In order to even approach the absolute bottom rung of 'mid-size' a company must be a $100-million company. Anything under $1-billion these days is a mid-size company.
In valuing a small company you take into account that they may have debt and their value is primarily a function of how relevant their product is within the target market and how much competition they have. A first-mover in a growing market can have a very high valuation.
Independent stock analysts do get paid. They receive their money FIRST before they look at the company so they can say whatever they wish. They don't receive stock in the company because that would be a conflict of interest.
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