XpresSpa Group Inc (XSPA)

[kickask]

From 2011 10K for Google

Ad Revs $37,905 (000,000's)
US Rev % 46%
US $ 17,436
Min 20% 3,487
Royalty 3.5%
Roy$'s 122

Assuming no growth in ad revenues going forward (2011 grew 31% over 2010) the royalty should be $122,000,000 per year on the low end.

Just for rounding, use $1.00/share eps for the next 4 years at a PE of 15 (low) gives a share price of $15.00.