Doesn't matter.
The value of POET isn't static. The key to understanding the valuation is that it represents the IP *PLUS* the company. This is a company with no deals and no real ties to the industry (aside from Ajit)
If you want an interesting read, find the part of the report that comments on management. This is useful if you want to rekindle trust in management even when the SP lets you down, It also reminds you that this report isn't designed to increase share price or reassure investors. It's not for the investing market. It's a tool for the company just as stated.
Check this out (p. 6 of the "other" document on SEDAR):
"Over the course of the nearly four years that transpired since P&A’s initial work with the Company team, P&A knew that the prior Company team was not able to actualize many of the previous significant conditions that P&A modeled in their valuation model. Critical review of P&A’s work product gives rise to the necessity to discuss the significant departure by the prior Company management team to the prior monetization plan and revenue forecast that P&A developed in concert with the prior Company management team"
You can read further in this document to find out how important management team is in the valuation.
But thinking deeper you realize that the comments from P&A and those of Geoff about POET baing a $10B opportunity can be reconciled if you imagine POET being controlled by a company that has everything that POET lacks at this stage.
POET (the tech) really is worth tens of billions, just not so in the hands of a R&D company with only prospects for inroads into a shark-infested industry. We are still in the early stages. I think if there really was another P&A valuation once we have revenue, we will be in the range suggested by Taylor.
But again, this all hinges on revenue (and the market acceptance it implies)
