Cotton & Western Mining Inc. (CWRN)

[Piecemaker]

Those are good, conservative estimates. But now we can factor in the company's own projected revenue of $32M per quarter.

32 x 4 = $128 M Revenue for 2011

128M x 40% = $51.2M Profit

51.2 ÷ 2.3B = 2.27¢ per Share

$.0227 x 10 P/E Ratio = 22.7¢ Projected share price.

If these numbers are accurate and our assumptions are conservative enough, then this price could well be much higher.

And, as you pointed out, a buyback program of 60% of the OS changes the equation like this:

$51.2M ÷ 920M OS = $.056/share x 10 P/E = 56¢ Projected per share.

Not too shabby!