Ann: MIGGSTER achieves 3 million pre-registrations milestone, page-81

Someone please correct me if i'm wrong - but some very back-of-a-napkin calcs show that if they can pull this off and convert even 5% of the pre-registrations then this company is way under valued on a P/E of 10. Not to mention they have the MTN (and other) projects going on in the background.

	Pre-registrations	3,000,000
1	AUD$
2	Conversion from pre-registrations	5%	10%	15%	20%
3	Subscribers	150,000	300,000	450,000	600,000
4	Revenue (@$12pm)	$1,800,000	$3,600,000	$5,400,000	$7,200,000
5	Prizes (est. p/mo)	$58,333	$58,333	$58,333	$58,333
6	EM1 cut (64.5%)	$1,102,667	$2,263,667	$3,424,667	$4,585,667
7
8	Annualised gross rev	$13,232,000	$27,164,000	$41,096,000	$55,028,000
9
10	P/E	10	10	10	10
11	Valuation	$132,320,000	$271,640,000	$410,960,000	$550,280,000

*please don't take this as advice - this was pulled together in 5 mins with some very rough numbers from announcements.