I think that if he does achieve the $110 million, then the estimates of a price of upward of 20 cents is realistic, using the working you used earlier, as well as my own.
And there are no shortage of excuses if they miss, I agree with you, I have heard most of them before, hence the skepticism. But even a miss of 20% should still result on a value substantially above where we are now ( 12 cents).
Overall, I think that if we go on balance of risk medium term, and given the fact that monthly figures confirming the target are going to be released, and the fact a roadshow starts shortly, I am very confident its a safe place to have some money for now. Definately more upside risk then down, medium term. Up to the mid 20's is a definate possibility post merger.
I will ask that question on customer numbers ..not sure if he'll answer directly though, and very well spotted by you.
