Wave Systems Corp. (fka WAVXQ)

[Pickle Power]

stack, 2006 Projection

Let's say TPM market is 60 million units in 2006 which has been forecasted by reputable oroganizations. Also, let's say Wave gets 40% market share which would be Dell (30%) plus Gateway. ETS is priced at $60 with a roughly 50% gross margin.

2006 Projection
60 million TPM units
x 40%
24 million TPM units
x $60
$1,440,000,000 - Revenues(yes, that is a billion)
50% gross margin
$720,000,000 Gross Profit
- $150,000,000 R&D, G&A, taxes etc.
= $570,000,000 NET INCOME

$7.12 per share with P/E of 30

Share Price = $213

Does that tempt your tummty for the taste of nuts and honey?

This does not include KTM, etc. JUST ETS!!!!

Pickle