Nice write up! My understanding is # of shares FD is now 64,7m, adding a 18,3m from the secondary and prefunded warrants. Cash in is 195 which gives EV/EBITDA '21 6,7-6,8 now. Am I missing something?
I have my full methodology above so you should be able to figure out what the delta is. I didn’t use final numbers as they were not out yet when I got this out. Also, could the higher multiple be impact from share price going from $11 to $12.50? I was using $11 at the time
Oops, info already stale. They priced $175mm offering today at $11. I was being too conservative by assuming $10. Even better!
Nice write up! My understanding is # of shares FD is now 64,7m, adding a 18,3m from the secondary and prefunded warrants. Cash in is 195 which gives EV/EBITDA '21 6,7-6,8 now. Am I missing something?
Another interesting set-up for you might be GTX. Nice write-up here: https://gtxisacheapstock.com/
I have my full methodology above so you should be able to figure out what the delta is. I didn’t use final numbers as they were not out yet when I got this out. Also, could the higher multiple be impact from share price going from $11 to $12.50? I was using $11 at the time
Thanks a lot! I appreciate your work!
Excellent write up. Enjoy reading your analysis