EnableTS Inc. (fka ENTS)

[tnzalu]

MMUH PPS estimate 3/09/10

Public float shares as 3/04/10 (a) 220mm
Est baseline 2010 revenue per month (b): $2.67mm
Est baseline 2010 net income per month (c): $.53mm
Est 2010 revenue (d): $32mm
Est 2010 net income (e): $6.34mm
Est 2010 earnings per float share (f): $.029
Est 2010 float share PE: (g) 3.5x
Est 2010 MMUH stock price: (h) $.1015 per share

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References and Notes
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(a) Reference for 3/04 public float count:
Hawkstocks 3/04 post after contact with TA

(b) We ended 2009 with 2.4mm rev per month. Allowing for some breakage in the run rate, I have used a baseline monthly revenue of 1.5mm starting in January 2010, and assumed monthly sequential rev growth of 10%.

(c) I averaged the net income rate in 2009 and used straightline 19.8% net income to revenue for this 2010 model.

(d) Total 2010 revenue per the math in (b).

(e) Total 2010 net income per the math in (c).

(f) 6.34mm (e) divided by 220mm float shares (a)

(g) I believe the ratio of 3.5x is conservative.

(h) $.065 EPS (f) multiplied by 3.5x (g).