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BREAKING: $FWBI First Wave BioPharma Earns $16 PT From Goldman SCR

Goldman Small Cap Research published coverage of First Wave BioPharma with a bullish target of $16 per share.

Valuation/Price Target

“Our current forecasts for 2021 assume a net loss of roughly ($86,000) with ($59,700) coming from operating expenses and the balance from items below the operating line. For 2022, we project $1.1 million in royalty revenue attributed to FW-COV, as we outlined above. Our $50 million in royalties for 2023 primarily reflect royalties and/or revenue share attributed to FW-COV and a small amount for FW-UP as well. We project a 22% operating margin and $0.40 in EPS using an estimated weighted shares outstanding figure. We believe these figures to be conservative and could track considerably higher for FW-COV.

We have elected to establish a valuation and price target based on the Net Present Value of a 5x operating income multiple achieved in ten years (2031) and discounted back at rate of 15%. We modeled operating income of revenue of $228 million and arrived at a present value of $568 million. By using the fully diluted 35.7 million shares outstanding figure, we arrive at an NPV, or price target of $16. Given the bright future and additional potential indications with adrulipase, upside to our NPV exists, an opportunity  we will explore later this year.”

This story is developing…check for updates

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