smy to make 500m profit 2008

Ok now if you look at the nickel price of $50k a ton and the announcement stating that they will produce 20000 tons of nickel py for 10years,thats 1bn turnover in usd per year.

I have been advised that more than 50% will be profit, so now lets assume that the profit is 500m usd.
That would be a earning $600mill au for 190 million shares.

Now for a earnings per share of $2.63au x a low
PE RATIO OF 5 the share price would be $13.15cents.
(SMY CURRENT PE RATIO IS ABOUT 20)

This is just my estimates, what do you all think.