I like to calculate fair value based on the industry leader. Whereas I think Netflix is currently overpriced, they can still be used as the gauge.
GZFX will never be an industry. Just isn't going to happen. Can they be a distant second, third, or fourth? Absolutely.
If you reduce GZFX outstanding shares to that of Netflix, you're looking at a current PPS of somewhere around .45 to .80 depending on how many shares are actually in float right now.
I can easily see the distant second, third, or fourth in the industry pulling a PPS in the $4-5 range (in Netflix dollars) and that calculates to a current PPS with our dilution of around .02-.03.
The problem with the dilution is that there always seems to be a buyer and a seller at every price point, so it's a tough row to hoe.
I'd do the math for you on what's above, but I've been drinking and I'm tired.