Artey...They seem pretty competent at development, manufacturing and even marketing in the animal health world.

 

With revenues on the rise and new products coming to market, a reasonable valuation would be 3-4 times the current SP for Animal Health alone. However, when you deduct 75 cents/share for the VMC and its infamous burn and the inexplicable expense of the outright ownership of a, by all accounts successful, P3 cancer treatment  you come up with closer to 25 cents per share.

 

I have never seen a valuation model where companies were penalized to the extent BNC is for its unique and valuable assets, but I have come to live with it, and unfortunately I expect it to continue.