Just doing a back of the envelope calc here. If we assume $40M...

Just doing a back of the envelope calc here.
If we assume $40M run rate for Aust by end of 2015...and nothing for US.
90% Margin on Aust revenues = $36M profit.
Less $8M costs of US operations = run rate of $28M profit before tax ...for Australia alone.
PE of 30 gives us a MC of $840M....or roughly 4 times todays MC.
Giving us SP of $2.40

Shoot me down if I'm mistaken?