IMO,
ebit $8.6m from Australia operation
after tax $6.02m
p/e 15 = $90.3m
plus additional revenues from anticipated NMP contract
should make it $1ps or $101.3 mc (~101.3m MHM shares)
US plant is about 4x Australia plant
for p/e 15 it will be $405.2m
25% (after commissioning and before US construction begin) of it is $101.3m
Total $101.3m + $101.3m = $202.6m or $2ps in April
30~50% (when US construction begin) of it is $121.56m~$202.6m
Total $101.3m + ($121.56m or $202.6m) = $222.86m~$303.9m or $2.2~$3ps in July
...etc
no matter how you look at it (from chart/simple valuation), $2 seems to be the minimum target price
chart for march 2011 , page-29
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