putting a value on cdg..

Whilst nothing surprises me in the market, I find it a little strange that there hasn't been more northerly movement in the sp here so I was going to attempt a valuation for Cleveland based on a forward P/E ratio.
Referring to the other thread where many agree with my back of envelope calcs of minimum $19M clear profit in 2014/15 just from gold production (ie,ignoring the IO prospect) - who'd like to venture a valuation that 'really' should be attached to CDG ?
Over on the NST thread they're going on PE's of 8-12 for a projected $50M profit after applying 30% tax.
I don't know what tax rate will apply here but if we took it at the same rate, there'd be a $5.7m liability, leaving A$13.3m clear.
Then apply the low-end 8-times p/e multiplier, we'd have a valuation of (8 x 13.3) = A$106.4M
Currently sitting on a m/c of $31m has it looking well undervalued by around 3.5-times ?
The obvious hurdle here to me is they haven't been producing very long so they have yet to prove they CAN pour over 7,000oz/qtr (from Q1 2014) - however, they've hardly put a foot wrong yet.

Any thoughts ?