Depends on how you perceive the value of the company, Large cap stocks are typically valued in terms of revenue, I want to buy profit, so you use discounted cash flow analysis, which doesnt apply here, With an up and coming penny, seems like we want a valuation on assets, so I would divide the 1.2 billion by the shares outstanding, and that would be around fair value imo, maybe even chalk it up a bit of a premium to try and include some moderate revenues in the future, its a matter of what you think the company has going for it in terms of assets.