With interest rates down and further to go, VEI has every chance...

With interest rates down and further to go, VEI has every chance of securing a cheaper deal prior to September 2012.

If the Intravitreal decision is positive or understood not to affect revenue greatly and assuming business as usual otherwise (i.e. revenue stays over the low $100M mark [was ~106.9M in 2011 and $107.79M 2010} then EPS and SP should be set to move.

Note from http://intrepidvalue.com/

“On basis of no growth, we could conservatively apply a 7x EBIT multiple to a normalised EBIT of $23m to give $161m in TEV, which is a 50% premium to the market implied TEV of $108m. This equates to a per share value of approximately 90 cents. Without a catalyst such as a takeover and considering the current risk features, it may take a couple of years for this value to be reflected in the share price, but the company currently trades at a significant discount to this.”