$2.15 Evaluation

My evaluation returns a fair value of $2.15, I believe this is one of the best value stocks on the ASX at the moment. That is based on their full year results and the half yearly indicates more profit growth to come; I was especially impressed with the growth rates in the US. If you are not familiar with Fundamentals, consider this, the market values the company at 50m, however they have 33m in equity and they profit 8m per year currently, all with zero debt. Considering the low volume of trading, I think that it has been widely overlooked and at some stage some key players will realise the potential and send the SP much higher.

Is there something I am missing here? I have been accumulating a reasonable amount at these levels, disagreements with my opinions are welcome.