good start to the year !, page-19

Hi,

This from Amex on 3/4/2008


As an example:

$200/unit (yes some are $100 but most are 200 or more and most announced applications are for the more expensive types)
1 million units
55 million shares post IPO (could be 60 million fully diluted but could be less as well)
average margin 55% but as many in management have said, some are pushing a higher margin
result: $2/share or $1.20 net tax etc
pe 25 on NASDAQ (lower on ASX but irrelevant)
US$30/share

In fact I expect the pe to exceed 25 as the TZ industry average is closer to 35 on the NASDAQ