Wave Systems Corp. (fka WAVXQ)

[awk]

Simple 2006 revenue calculation....

80 mm TPMs x 80% share = 64 mm TPMs wit ESC = $ 6.4 MM
500 KTM ES AD x $10'000.00 = $ 5.0 MM
3,200,000 ETS x $36.00 = 115.2 MM (represents 5% activation)

TOTAL 2006: 126.6 MM - 20 MM burn = 106.6 MM => $ 1.18 / share

P/E 40 => 1.18 x 40 = $ 47.00 / share

The above does not include attestation servers nor transactional revenue. Mobile busines is not taken into account.