Yes the 50c is heavily discounted for risk.
The unrisked valuation is $1.10 and in line with mine.
With the close of the funding and the start of the next phase, that price target will increase as the risk discount is removed.
Also they use a discount rate of 10%. Studio the valuation is in today's dollars - but by corp finanace 101, that target increases 10% per annum.
Broker Report, page-4
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