So what's fair value now we're at $41m annualised cash profit...

So what's fair value now we're at $41m annualised cash profit and growing rapidly?

Lets forget about the revenue deferrals for a minute and just assume the $41m converts into earnings. Then less tax on profit (ignoring losses carried fwd from prior years) = $29m Profit after tax.

Assume a P/E ratio of 30 (conservative but allowing for a risk factor that this isn't actual profits yet, just an extrapolation/estimate).

Current fair value = $870m / $5.25 per share

Of course you can be more aggressive with PE ratio and get a much higher figure, but this is a floor level minimum fair value that we should be at.


Thoughts?