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Enzon Pharmaceuticals Inc. Message Board

  • one1badbilly one1badbilly Mar 29, 2013 10:14 AM Flag

    FWIW per share sale valuation estimate

    After looking things over I'd revise the royalties downward to $200M (this is likely too small as several items are not disclosed), it looks like there should be an accummulated loss of around $400M, at 35% that's $140M, and accummulating the last five years of R&D exspense ~$200M as the intellectual property value, throw in $75M cash and that's $615. Discount it 50% to $307M, and divide by the outstanding shares 44m, and you $7, if you divide by the float shares ~30m, you get $10. (Note the company went on a stock by back spree so a large number of authorized shares are sitting in the treasury. Why they did this, a ~$10 a share, and how many is not clear, it looks researchable but in any event a significant number of the outstanding shares are held by the company. I'm not an expert in these matters but I believe that portion of the sale value would be distributed to shareholders). A constructive critique of this analysis is welcomed.

    Per Share Valuation Estimate: $7-$10

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