Moelis & Company have a target of $0.89 for Shine Corporate.This...

Moelis & Company have a target of $0.89 for Shine Corporate.

This ethicon settlement is taking much longer than I expected, I was basing my estimates on the relevant news articles and other "specialists"- won't make that mistake again. Happy to admit when I'm wrong, but it disappointing to have to wait this long. Another hearing on April 1st but not expecting a resolution necessarily, but at least some more billable hours.

I'm going to start looking into valuations again under the assumption of a Ethicon settlement and a significant amount of WIP/current assets from the most recent report being converted to cash or alternatively being written off. I think it's also worth noting that in the most recent judgement released by the court ( on February 4th) on the Ethicon case includes a paragraph by the one of the judges that is probable that some or all of the three elements of the trial will require delivery of a verdict and are unlikely to be resolved via settlement prior to a verdict. Of course this could be both parties playing hard-ball and a negotiation strategy but in any event there is a material risk to share holders if the judgment goes against shine's clients. This is of course a low probability outcome but also one that was again not really discussed as much as it probably should have been by commentators, analysts and journalists. In my opinion the share price currently reflects the case where the estimated WIP associated with the positive outcome scenario has been attributed zero value by the market anyway so I'm not overly concerned.

Still holding and expecting some news in the next month or so.