Value Microcaps Motherboard

[2morrowsGains]

PLUS...Taken from Ariba's 10q re: Patent infringment lawsuit filed by ePlus (PLUS)..."There is a significant risk that the litigation will have a material adverse effect on our business, consolidated financial position, results of operations and cash flows. Although we recorded a $37.0 million litigation provision in the three month period ended December 31, 2004, there can be no assurance that this amount is sufficient for any actual losses that may be incurred as a result of this litigation.
Here's a response from lesspheus on yahoo...

"ARBA stashed $37.0 million for PLUS before they lost the case and now knows that it might not be sufficient. $37.0 million is $4.13 per share for PLUS in cash. Add that to the current book value of $12.98 (per Yahoo) for PLUS and you get a book value of $17.11. Damn. That is just friggen book value and it does not include the upside for a larger award and the right of the judge to _tripple_ the award. Give PLUS a reasonable, but still cheap, price-to-book ratio of 2 on that baseline book value and you have a stock price of $34.22! This of course completely discounts PLUS's future growth prospects for revenue and earnings, which could be dramatic. And it does not at all take into play the possibility that PLUS can sue several other companies over the same patents.

I argue that PLUS can easily be valued at $34.22 with tons of upside potential from there! Any way you look at it $16.XX is dirt cheap."