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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: fred hayes who wrote (10372)	2/10/2004 9:47:49 AM
From: Biomaven	Read Replies (1) \| Respond to of 52153

<NVGN vs MSHL> I've been going off the Quote.com market cap for NVGN which was substantially higher than MSHL when I looked yesterday, but now matches Yahoo. Turning to NVGN's 20-F, I see they have about 95 million shares outstanding, but the ADR seems to have a 5:1 ratio which is what has been confusing matters. That would indeed imply that NVGN has a lower MC than MSHL, which is not economically logical. OTOH, MSHL is a US company and a pure play, and that gets you some reasonable premium over an Australian ADR. (I got my MSHL shares in the "IPO" that NVGN shareholders got to participate in, so I confess I never really looked at the comparative MC). Also MSHL is very thinly traded, so shorting it is very dangerous given the imperfect arbitrage. Overall, I guess I'd go with NVGN as the better value, but it's not really as obvious a decision as it looks. Peter