breaking down, page-20

re: westpac forecasts+my calcs westpac broking has just put on earnings forecast for PXS, they think in 2007 it will have EPS of 10.3c

at $2/share that would put PXS on a PE of only 20.

with 100million shares on issue that would mean NPAT of $10million PXS will easily do that, especilaly when they said the market for aridole is like $250million/yr.

if PXS gets 20% of that market thats $50million,

say by 2007 it has 130million shares on issue with say $40million NPAT that would give it EPS of say 33c.

so at $3/share that would put PXS on a PE of 9.
CHEAP.
even at $5 PXS would have a PE of only 15.