The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Yep, the £17m is an estimate, but based on the 2nd Dec RNS half year update, the company seem confident. The trading update due next week should at least confirm that.
Clearly the FY21 estimates will need to be re-worked once there's some visibility of the various Covid-19 contract values ..
(FIRST HALF YEAR FIGURES)
Financial highlights -
· Revenues increased by 97% to £7.8m (H1 2018-19: £3.9m)
Outlook
I am delighted with the transformation of the business and that the strong foundation we've established for delivering rapid growth is already delivering results. At this interim stage we are firmly on target to deliver full year results in-line with market expectations, with consensus analyst forecasts looking for revenues of nearly £17m for the year ending 31 March 2020, a considerable jump from last year's £8.9m.
Steve - That's great, they have just changed it. Four days ago Market Screener showed - YGEN/Ratings/Weaknesses - instead of "Based on current prices, the company has particularly high valuation levels." - it read, and I quote "The E/V value to sales is the highest in the world and should be gotten rid of". You will notice they even used the same term "gotten rid of" in one of the other weaknesses. if they wish to sue me, they are quite welcome. The good news is that the new figures have now been recognised which might give us a new broker rating. Obviously got it wrong on this point, can't trust anything anymore.
Having said that the old figures still apply, nothing new has been officially confirmed.and your £17m is an estimation, not a fact. Not trying to justify this error just that only my description is wrong based on the Market Screener description.
The new EV Values of 2020 - 5.60x and 2021 - 4.30x are projections and not facts.
I calculated this on Monday at which time the capitalisation was £89 million. Based on that calculation -
Market cap: £89m
Debt: £5m Plus
Cash: £3m Minus
= £91m
Divided by net sales - £3.4m
Enterprise Value to Sales - 26.7
Which is double the industry/sector average. These are the only factual figures. All else is theoretical without audited accounts. Of course we all know these are not the true present figures, we are just trying to establish what automated criterion is used and how it's established. An added thought, do we assume from this that having got wind of the new accounting figures are they expecting imminent news.
GLA