26mil in cash and no debt - wow, page-2

I did a double take when I looked at KYC current position

Fact $26M in cash
Shares on issue 81M
Market cap $40M

Thus the market is giving a $14M value to KYC's underlying business or they are giving the $26M cash KYC holds a different value (??) They have announced have EBIT guidance for 2010 final year of $7.3M. No debt and NPAT of say $5.1M.

That's a PE of 2.7 !!!

On PE of 10 = 63 cents per share

$26M cash = 32 cents per share

Value = 95 cents a share

Serious mismatch in value !