What do people make of the theory that the real profit for these guys is about half the headline figure. This is because they are capitalising recurring development expense rather than expensing it. As important to this theory is that they are not amortising this at the moment. This is in the order of 700-800k per year and is evident from the cashflow report.
I agree that the high growth rate warrants a high PE - but "P" part of this is only half the headline figure you guys seem to be relying on. 30c is good value - 40c stretching it a bit until they show the growth is sustained i reckon.
forecast pe at 6, page-17
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