Ann: Half Yearly Report and Accounts, page-23

Fully diluted at current shares on issues and options outstanding @ $5 thats a $1.3B valuation. You think a company like this deserves to trade on 26 X EBITDA? Also the company would likely need to issue more shares to fund all the acquisitions you seem so certain about. So the valuation would likely be higher. Also management are fond of issuing stock as share based payments so that may increase the share base further over the next few years. I think there is still a decent future ahead for the company but Im not going to join you with the fairies in the secret garden. Also in the interests of a balanced view what about risks? Maybe some of the deals dont come off or some of the business the company is expecting to be in the bag now doesn't eventuate. Also it looks like there is pressures on revenue margin against GDV. There's a reasonable possibility that management have to let that deteriorate further in order to secure higher levels of GDV. Analysts already have pretty aggressive assumptions in terms of growth in GDV baked into their numbers. That will provide a headwind to earnings growth. Just to name a few.