is this currently undervalued

Hi,
Please excuse any ignorance here - newbie.
With MTU's reported financial results and its aquisitions in the last financial year I believe the 2008 year should increase revenue to > 100 million (currently around 43 million).
That doesn't account any increase in current earnings or their new online mobile store (Simply Mobiles) and the latest Green Mobiles launch.
That would see their eps increase from 4eps to 8-9eps.
Given their a growth company (>15% pa) a fair PE would be 15-20.

That would put the share price (8eps - PE 15) at around - $1.20

Anyone agree - or have I missed something?
I understood the market valued companies based on future earnings - doesnt look it here.

Regards