Anteris Technologies Global Corp.

AI-generated fair value estimate for this company.

Method: Probability-weighted 10-year unlevered FCF DCF plus net cash: modeled a 65% success case where DurAVR completes its US PARADIGM pivotal trial (heavy burn of -$80M/-$70M/-$40M in years 1-3) and scales to ~$350M revenue at a 22% FCF margin (~$78M FCF) by year 10, discounted at 14% with 3% terminal growth (terminal value ~$730M undiscounted), blended with a 35% downside case valued at a flat $50M enterprise value if the US trial or commercialization falls short; blended enterprise value of ~$123M plus $253.55M net cash, divided by 97.46M shares outstanding.

Reasoning: Anteris is a clinical/early-commercial-stage structural heart device company with de minimis current revenue ($2.24M TTM) and heavy R&D/trial spend (-$86.26M TTM operating cash flow), so a conventional current-cash-flow DCF is meaningless; a risk-adjusted DCF of the post-approval TAVR commercial opportunity combined with the company's large net cash balance better captures both the downside protection (cash runway) and the binary regulatory/commercial upside.