Natcore Technology Inc (NTCXF)

[coin8300]

Screw it I'll just do the quick valuation: Ok so we have $3 mill in cash item expenses (take out depreciation and stock incentives) and then we have ~$23 million in revenue (just for phase 1 56MW) = $20 million in net income. There are about 95 million shares outstanding fully diluted. Ok so here we go: $20,000,000/95,000,000 = $.24 per share of annual earnings. Of course this is not the end of a valuation, we need to assign a P/E multiple. High growth potential companies have high multiples like tech and biotech companies (sometimes in the 150 - 250 range). Utilities have multiples of about 15-20 (low growth potential). Lets go conservative here and go with 50. That means it would be .24*50 = a per share price of $12 dollars for Natcore. At this share price the math check works out to .24/$12 per share = 2% annual yield which is about right for a high growth stock. Of course this valuation assumes annual continued revenue at that level but I think they will have that as Vietnam is multi-phase and they also have other deals in the pipeline. This is a bare bones calculation here as well.