its pie time!, page-109

Hey Zehav,

I was hoping someone would point that out - it helps justify just how optimistic my figures are.

I did consider NZ, but I was giving best case scenario so I didnt want to use the NZ figures are they are not performing as well as they need to to be included in my analysis.

By my count they have 69 (at least) operational machines in NZ (and thats all they have going anywhere). On the Sept quarterly report they received $198k income in total.

That means they got $198k from 69 machines in 92 days. Thats just $31 per day for both usage and advertising etc. My example used $80 usage and the same again for advertising - so in effect $160 per machine per day.

If we use the current NZ figures rather than my most optimistic figures, that comes out at PIE needing 3100 machines - not the 600 that I stated. And dont even get me started on the actual overheads versus my best case "estimates".

Remember though - this is to justify a 40c valuation (20 times the current share price).