HMD Valuation, page-2

No major flaws in your numbers there Dunno, well IMO anyway.

The only thing I think that puts a cloud over them is the potential need to raise to fund device manufacturing if this thing truly does take off at a speed that the organic cashflow can't service. I could potentially see us issue a fairly large tranche of new shares to raise a few M to get those hundreds of thousands of units made (with the the ancillary logistical costs included). Even then I think you're only talking about 200M-250M shares on issue......