Said it before, but I’m with Jas in that increased revs will not meaningfully flow to the bottom line in 2011, hece P/E will not be a meaningful metric for WAVX valuation in 2011. With that said I crudely look at Wave’s rev picture as about 6m/qtr baseline for OEM bundling give it 10% QtoQ Q4’10 to Q4’11 and tack on the stated 6.7m annual over 4Qs and get something like 40 cents a share REVENUE (not earnings) per share (ttm) for 2011 … other big deals adding onto that. At the currently enjoyed 13+ P/S that’s about 5.25 a share, new big deals adding onto that. 2012 should see earnings come into play with the fy 2012 fed budget starting to hopefully deploy Wave solutions. I don’t know if one calls 2011 more slog, but to some extent that’s what me thinks.
The above content is my opinion.
