Sorry, but this is complete nonsense. To value PTK by only taking the DL numbers into account doens´t make any sense. PTK is not only DL (that´s the "numbers" they put their eyes on), it´s also BB and POET.

Talking about the SP and only DL it would be maybe a understandable approach, but leaving BB and POET completely out of the valuation method is BS.

Of course there are no BB and POET sales "yet" - therefore this gives a completely wrong picture (intentionally or without knowing it better is up to you).

With the expections for sales in 2017 for BB / DL and POET in 2018 and all possible NRE, POET is undervalued currently as all optimism is completely gone and all pessimism is completely priced into the SP.

That´s the difference to the years 2014-2016 (where optimism was at the forefront). Therefore POET is undervalued and this "report" is nothing but irrelevant (IMHO).