maq telecom valuation based on the following data released today, cash 18m, debt 5m, predicted fy08 ebitda 13-15m, number of shares on issue 20.6msecond tier telcos currently trade on an average 5 times ev/ebitdaev is enterprise value , which is (SHARE PRICE * No of SHARES) + (DEBT) - (CASH)EV OF MAQ IS ( 1.20*20.6) + ( 5) - (18) = 11.72mfy08 predicetd ebitda 13-15m,EV/fy08 average predicted ebitda of maq is 11.72/14 = only .83share price of maq at 5 times ev/ebitda would be as followsshare price = (5 * fy08 average predicted ebitda)- debt+cash/ No of sharesshare price = ( 5 * 14) - 5 +18 / 20.6share price should be = $4.03
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