Fair enough onshow, I can't personally get ANO to $2m/year with...

Fair enough onshow, I can't personally get ANO to $2m/year with their current op's and think $1m is a more realistic. But I'm quite conservative and it's not the main point anyway.

From my assumptions in terms of the SP, $1m/year putting it on a PE of say 7-8x for effectively an annuity business gets you the current mkt cap.

But what I think the mkt is not valuing is XP ie you get this new rev stream + any further growth in IM/Alusion for effectively nothing.

My estimate is that XP will at least double our bottom line in FY15 to a run rate of $2m pa. Sticking to a 7-8x PE would give us a mkt cap of $14-16m (c. 3cps). But with expectations of potential growth, I'd expect some sort of multiple rerate.

Plus this is my base case only. I can't see too much downside from the above numbers IMO.