Here is part of the "report" - as you can see, they will be lucky to hit $3.00 - and that is without dilution????
BSTA is targeting a range of markets in which it must compete with established players, but
which also present significant opportunity given their size and scope.
BSTA has stated that it expects revenues to reach $19 million in 2015 and $30 million in 2016
. AIR generated $505 million in fiscal Q4 revenue, with net
income of $17.2 million, representing a net margin of 3.4%. If BSTA is able to hit this target for 2015 and reach the
level of profitability achieved by AIR, BSTA could potentially generate $646,000 in net income, or $0.17 / share
based on the most recent fully diluted share count of 3.84 million.Utilizing the 17x multiple of the
PowerShares Aerospace & Defense Portfolio(PPA), this implies a price approaching $3 for BSTA. However, given the general
recent trading range of the stock, the market seems to be looking beyond 2015, and if the Company is able to hit the 2016 target of $30 million, net income could reach $1.02 million, or $0.27 per share based on the most recent share count, implying a potential price of $4.50.Of course, it may be possible to justify much higher prices if BSTA is able to deliver higher profit margins.
For example, if BSTA is able to reach a net profit margin of 9%,
approximating the recent S&P 5000 performance, it may have the potential to justify a price of $7.50 based on the current diluted share count and hitting the 2015 revenue target. It must be noted that there are significant competitive, financial and operational challenges to reaching these targets, and any equity capital raised would have the potential to dilute these earnings unless the capital enable BSTA ....
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