is this well undervalued ??, page-31

My target is $1.20-$1-50 for mid 2012. That is based on PBP's projections for Q2, Q3, Q4 CY2011.

$8.6m after tax profit (my projection based on their projections) for FY2012, making $0.162 EPS, in 2008-2009 we had PE of 10 so my projection of $1.20-$1-50 uses a more safe PE of 8.5.

The main assumptions are $8.6m profit for FY2012 (which is in line with PBP's projections) and achieving a PE of 8.5. There is a nice 120% upside at these prices, even without growth, just meeting projections.

I am new to the company though, so don't trust me too much.