This was posted earlier today on another thread:
"I did have a look at the report of Credit Suisse (CS) but apart from commenting on his estimated profit of $10 mill. in 2006, I have filled in those parts not in his report.
1. Shares and Options.
Shares: 112.8 mill.
Options: 6.11 mill at 35 cents on 31/12/2003 or $2.13 mill.
0.5 mil at 35 cents on 24 Jan. 2004 or $0.175 mill.
17.5 mill at 35 cents on 28 Febr. 2005 or $6.125 mil.
2.9 mil at 20 cents on 31 Dec. 2005 or $0.58 mill.
2.15 mill. at 75 cemnts on 31 Dec. 2004 or $1.61 mill.
Total cash from Options: $10.6 mill.
All Options are converted before 2006 and therefore the total shares will be 139. 9 mill. Add to that say 3.1 mill shares extra (Directors etc), so the total will be 143 mil shares in 2006.
Comments: EMS ought to try not to increase shares too much from now on.
The cash raised is considerable. However, EMS will pay $0.4 mill for certain Patents and those of "the rest of the world" wil probably cost some $4-$5 mill.
It is always possible that EMS may acquire more businesses before 2006.
The impression I have is that we are dealing with a very able and perceptive management.
CS mentioned that EMS would have some $3 mill cash at the beginning of Oct. Fortunately, another $2.13 mill. from options is due in Dec 2003. It is still possible that a small placement is needed but I have ignored this.
As to the profit in 2006, CS mentioned $10 mill. from a turnover of $30 mill. (33.3% net margin) They did say it could be higher and I agree; say $35 mill and a profit of
$11.5 mill.
Based on the 143 mill. shares. the E/S will be: 8 cents.
If one can assume a P/E of say 13, the share price could be 104 cents in 2006.
Should the business be a boomer, then a P/E of 18 will result in a share price of 144 cents.
Possibly, the share price could be in the range $1.05 - $1.50 in 2006. Current price: 45 cents.
That is my opinion,
Gerry
Circumstances may change. Please do your own research and you decide if and when to buy, hold or sell any stocks".
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