Universal Travel Group (fka UTRA)

[viking86]

My predictions are all based on real-life (non GAAP) performance. The 1.50 eps I project for 2010 is directly related to the 1.27 non GAAP of 2009, not the 0.70 gaap. I just assumed that rev in 2Q and 3Q would increase by the same yoy amount of 50% as in 1Q and added another 20% growth in 4Q to account for the rev contribution of the 4 new acquisitions. Net margin is assumed equal to 2009 NM= 0.18, same OS as in 1Q although it may increase slightly due to the acquisitions (may be 600K shares total but will be weighted down anyway).

So in a way GAAP adj has already been baked in the 1.50 unless we have much more price appreciation this year (which I doubt).