PUNK $12 target small excerpt from an analyst research report today.... â¢ We continue to strongly believe the market potential for Thelin in Europe is not reflected in the Companyâs current market cap of only $234 million. Based on conservative projections, we believe Thelin could be a $180 million and a $257 million product in Europe by 2009 and 2010, respectively. We estimate if a Company were to purchase this franchise from ENCY, the European market potential of $180 million to $257 million for Thelin represents roughly a $380 million to $715 million, or $6.10 to $11.45 per share, of present value for ENCY. We arrive at our Thelin present value (PV) estimate for Europe using a 3-4x multiple of our 2009 or 2010 revenue projections and apply a 20% discount rate for two or three periods. Additionally, the market is currently awarding no value at all to Thelin in the US market. Based on the strength of the productâs therapeutic profile we believe this is a mistake. See Table 6 for our market model. PV of European market PV at 3x Rev Multiple $381,482,293 PV at 4x Rev Multiple $508,643,057 PV Per Share $6.10 3x Rev Multiple PV Per Share $8.14 4x Rev Multiple Based on 2009 $183MM ROW Thelin Revenue Estimate and a 20% Discount Rate PV of European market PV at 3x Rev Multiple $536,517,426 PV at 4x Rev Multiple $715,356,568 PV Per Share $8.58 3x Rev Multiple PV Per Share $11.45 4x Rev Multiple Based on 2010 $257MM ROW Thelin Revenue Estimate and a 20% Discount Rate â¢ We continue to maintain our BUY rating on ENCY.