Eurocontrol Technics Ord EUCTF

Market Confusion

[lscfa]

Before Sipca

GFI revs for 2015 = $6 million
GFI 70% gross margin = $4.2 million
EUO Cash flow = $2 million
cfps = $0.02222
7x multiple = $0.155 sh. price



After Sipca (minimum royalty)

Csh flow = $2 million
less GFI = -$4.2 million
plus royalty = $1.5 million
new EUO cash flow = -$0.70 million (LOSS)

After Sipca (higher royalty & additional Xenemetrix sales)

Csh flow = $2 million
less GFI = -$4.2 million
plus royalty = $4.5 million
Xememetrix = $1.5 million (50% margin)
new EUO cash flow = $3.8 million
cfps = $0.042
7x multiple = $0.296 sh. price