Ann: Company Presentation - October 2015, page-18

I will put up all the numbers tomorrow for my valuation. I went conservative with the PE of 15. We are talking about 15 time future earnings though and not times past earnings. Mbe is sitting on 30 times past earnings, very similar company and growth profile. Just further down the line. In a little over 9 months time when they release the full year results and assuming they hit or exceed my numbers I could see them on 30 times those numbers then. This gives me current price target of 5.5 and a 9-10 month target of 11. That PE of 30 and price target could change depending on growth rate though. I also think the target of 20% growth in Chinese revenue quarter on quarter given what is currently being achieved and the full potential of this market is conservative. The growth of expenses was much harder to put a finger/figure on.