COLL → $122.00 by Sep 30, 2026.

TL;DR: Collegium ($COLL) sells patent-protected extended-release drugs for pain and ADHD. Asset-light, 61% gross margins, ~$290M owner earnings, revenue compounding ~20% for five years. Including ~$488M of net debt, the whole enterprise trades around 5.6x owner earnings. I think the market is pricing a cash-gushing business as if it's dying next year. Trading at ~$35 vs. intrinsic value around $122 (a ~70% margin of safety). The Business Collegium doesn't discover drugs. They buy and commercialize patent-protected, extended-release medicines for two …