Share Price Calculation, page-6

I agree that it is pretty difficult to value AJX in PE at present. But if you did i would suggest a couple more considerations apart from that you should be using AUD instead of USD because that is what our dividend will get paid in!!! Firstly i don't think you have considered tax. I doubt that the 45% margin includes paying tax. Secondly, we should carry forward a fair tax loss which should offset my first point the early years. Thirdly, 18.5M was the baseline and i'd be surprised if we didn't earn more revenue than that. And lastly, again to apply a PE of 20 to a company like AJX with a growth trajectory that its on is just not applicable. You might use a Price- Revenue metric? Or either that or just apply a bloody big PE more like 50+ What was Alassian valuation working off for instance? About 8M NPAT and a multi billion MC? All roads point to a rapidly rising SP, otherwise we wouldn't be putting up with this SP rout,