Might have had a few beers tonight but IMO:
Mun current market cap around $50mil
If EBITDA reaches around their $18mil mark for 08/09 then this would mean their current P/E is 2.8. The sector currently is sitting around 12.
If production for 08/09 actually comes off and they are in positive cashflow at the end of 08, then MUN will be seriously undervalued IMO.
Hoping MUN will reach 35cps before getting back in.