RE:RE:RE:LES AFFAIRES: banque nationale - LENO
Thanks.
He used a combination of discounted cash-flow model and earnings multiplier model.
He probably added the results and divided by 2 to get the average.
The question is which multiplier he was using ? All the numbers are black and white (i.e. price, patients, percentage of revenues, number of shares...), but the multiplier is subject to bias.