A couple of weeks ago I sold my EAX shares above $3.20 after I had a go at valuing it. I came up with this valuation of EAX. Basically, until we get the numbers for FY2013 I value it at no more than $3.25, and I don't see a margin of safety until we get at least below $2.90. Above $3 I think it's a bet on growth that isn't guaranteed.
