Trading way under its current true value, page-10

Hi,

The calculations are quite good P/E going forward.

The below are only some assumptions and getting some idea from where we are with ZNO (This is no advice).

I calculated a P/E for the current financial year of about 16. Assuming the revenue for the current quarter is $36,000,000 (Gross margin 60% = $21 Mil + $3Mil (for the previous 3 quarters). Using the accumulated tax losses of $8,000,000 leaves $16Mil taxable.

16Mil * 28% = 4.5Mil = 11.5 after tax + 8Mil = around $20Mil / 168 shares = 11cents +

If revenues are higher for May and June the figures look even better.

So technical chart analysis, future P/E and current P/E are all looking promising.

I can imagine an uplift in share price to a P/E of 24 or 25 by early July when the incoming revenue figures are delivered.

Thanks

K