book, page-136

Hi @lilypily My personal view is that FTTs deserves a market cap substantially greater than $100m BEFORE the results are delivered given what we know about the size of the market and the summary statistics released by the company to date. I can justify this by either using relative valuation:

https://hotcopper.com.au/threads/ft...nd-20c.4270887/?post_id=33977805#.W6hsKmgzZyw

Or alternatively with reference to my estimate of peak sales assuming success if somewhere between USD $500m-$900m per year:

https://hotcopper.com.au/threads/co...better.4278828/?post_id=34068783#.W6hsMWgzZyw

Which means that post results a strategic acquirer like Smith and Nephew could pay up to $1b and still find the deal comfortably accretive:

https://hotcopper.com.au/threads/if...-price.4288788/?post_id=34160796#.W6hr1mgzZyw

Either way despite the good move over the past week I believe that market is still significantly asleep when it comes to valuing FTT correctly.