Hey Sean, One of the boffins of the fastbrick hot copper page...

Hey Sean, One of the boffins of the fastbrick hot copper page put something together a while back trying to estimate the profit per Hadrian. My estimate would go something like this: Take $1.2bn revenue and we assume a 40% gross profit margin we have 480m GP. Assuming overheads of 15% we would see EBITDA of $300m. Having a look at EBITDA multiples for manufacturing companies (around 8-15 according to Bloomberg) and tech companies (10-30) we could take a multiple of say 15 and come up with a market cap of $4.5bn. So assuming that all performance shares and rights vest there will be circa 1.6bn shares on issue and a price per share of $2.80. This (rather unrealistically in my opinion) assumes that our management team don't figure out all other sorts of applications for the IP. From what o understand the stabilisation & guidance technology they have come up with is going to be a game changer in a number of areas. All guesswork on my behalf after a glass or two of red!