Normally I wouldn't even consider buying a company that's priced...

Normally I wouldn't even consider buying a company that's priced at such a high multiple of earnings, but their earnings seem to be grossly deceptive. Currently the P/E is approx. 135 (USING FIGURES FROM 2015 report - P/E actually less due to increased/ing earnings).

They spend a large amount on sales and marketing. While some expenditure is arguably essential, a company like this will eventually require minimal to no marketing.

I look at it as if I owned the business, and I chose to invest my profits back into growing the business. So, assuming the sales and marketing costs were part of my profits, and using the figures from the 2015 annual report:

(8,818,000 + 36,033,000)/1,190,000,000 = approx. 26.5 P/E (AGAIN USING FIGURES FROM 2015 report, with current market cap).

Yes, I've thrown conservatism to the wind and added back the entire marketing and sales expense back into the profits, but have also used 2015 figures.

That, and the amazing potential for growth in revenue/earnings is why I'm ruling this stock as undervalued. I plan on buying today. Thoughts?