Stoss, good question! I'll try to justify the figures. My calcs...

Stoss, good question! I'll try to justify the figures. My calcs for 05-06 go like this:

Growth in current systems, as in past two years: $6.0m
Comms contribution, assuming $15m revenue from current 3-year $46m contract, and 20% profit: $3.0m
Speed systems (guess): $2.0m
Current year: $9.3m

Total pretax: $20.3m, or 24c/share

Assume tax at 30% = 16.7c/share, giving a PE (at current price) of 18

Similar argument gives PE of 12 for one year further out.

This is obviously simplistic, and nowhere near the precision that Paul100 can give us, but I think the assumptions are on the conservative side.

If there are any blatant holes, I'd love to hear about them!