I suggest that you do not waste your time with this report and here is why:

1) They are valuing iCo using the DCF (discounted cashflow method), as I do valuations as part of our M&A team, I can tell you that we rarely place any heavy weight on DCF for companies that will not generate cashflow from sales in the next 2 years. Its just too weak and conservative.

2) Comparable method is currently the best valuation method, with LPATH being the closest comparable for 007 alone. So using 007 alone, iCo is worth around 68 million dollar pre results, which is 1.28$ a share. Again, I do not want to dwell a lot as to why iCo is way ahead of LPATH, read my prior posts and you will see the reasons.

3) 008 should add another 20 to 30 million dollars , again, just using factual data. 008 milestones for non ophthalmology is 32 million dollars. We will see some valuation coming from this in the coming few months. 

4) 009, I do not have an exact method to value 009, but the least I think can be done with 009 is a spin off, which will unleash 5 to 10 million dollars minimum to current shareholders.

So, today, pre any results and using comparable method, iCo should be sitting anywhere between 90 and a 110 million dollars in other wards 1.5 to 1.83 a share (assuming 60 million out, in other wards most warrants are exercised). This ties up with what Hugh Cleland's estimate of 2 to 4$ a share post results.

Hugh was even conservative by not placing any valuation for 008,009 and any potential licensing deals.

Off course, my thinking is that iCo will not exist till 2019 and will be taken out way before that and for prices that represent typical deal sizes currently in ophthalmology (500 million +).