to buy or not, page-2

I think there are around 200m on issue if you allow for the recent placements and eventual conversion of the convertible notes, which implies a market cap of $160m.
Some recent BBY research suggested about $8m in earnings in 2007 on the back of current deals. If so they look fully priced on this alone but I expect them to do more deals like the one with Tesco which may increase earnings significantly. It is hard to put a value on the stock as VOIP is such a huge growth sector and they seem very well positioned. I still hold but have taken some profits on the way up.