Based on what ? You know the number of coins they have out there ?? You know that all they have done so far is 1 trial they are in the middle of, another one that will start next year - which is due to run for 2 years and a 3rd one they are trying to do in India in a closed campus environment - where they are a small player ? What are you basing your supposed valuation on ? I am happy to play the EW plays on this - but do not try and tell me this company is undervalued.