"Evaluations are unpredictable. The $21 is based on peer multiples. POET has no peers."

This is what they have at Zacks for the basis of their valuation.

"Currently POET trades at an enterprise value of $222 million using a fully diluted share count. We need to look further out to where we think revenues would be by 2025. If we say the joint venture is able to reach $200 million in revenues by then and the rest of the business can ramp to $100 million that would be $200 million in revenues for POET in 2025. Using 8.7xs gives us an enterprise valuation of $1.74 billion, a market value of $1.76 billion or $46.00 per share by 2025 using today’s fully diluted share count of 38.3 million shares. This would be a present value of US$20.94 or CN$26.87 per share discounted by 30% per year."