OTC, I would point out that CGNW provided a pro-forma FY05 in which it fully expensed some marketing commissions and applied a 34% tax rate.....as a result of that, fd eps was only 0.04 for FY05. Those two adjustments will be applied going forward in FY06, so I think it makes more sense to use the pf numbers.
Rev growth was around 9-10% y/y, so I think a TTM PE of 10x makes a lot of sense here until the company can prove it will grow its revenue faster and more consistently.
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