Three valuation reports

Recently three valuation reports were published; two on PGC and one on EPIC, a PGC subsidiary.
Grant Samuel
Baobab
PWC

We found the Grant Samuel report to be dodgy. We honestly cannot decide whether it was written by a dronger or purposefully written to come up with a low valuation. Either way, one will not know because the author never says what information he/she used to come up with their results.

The Baobab and PWC reports are good reports mainly because the authors allow you to follow their arguments and included the sources for their data. Therefore, unlike the author of the Grant  Samuel report, they don't treat you like an anklebiter, but give you the information so you make up your own mind.

What is striking about the PWC report is the huge gap, between the picture the company directors (Mogridge and Irvine in particular) are painting about EPIC and the one, which stands in stark contrast, painted by PWC.


Cheerio!
--jA