What's SMN really worth?, page-14

There are about 102 million SMN shares on issue but for ease of calculation call it 100 million.

If SMN earned $10 million, that would be about 10 cents per share. If the share price was, say $1.50 then the $1.50 divided by 10 cents would give a price/earnings ratio of 15. Similarly, earnings of $20 million or 20 cents per share would be a P/E of 7.5 or more appropriately, the share price with a P/E of 15 would be $3.00 per share. Consequently, if you believe a P/E of 15 to be reasonable for SMN then for every $10 million earned per annum or 10 cents per share the share price would rise at the rate of $1.50 per 10 cents per share of earnings.

On the above basis, when or if the earnings reach $100 million or $1 per share the share price should be approximately $10.00.

With the share price holding above $1.40, the wave count still appears in tact.