Regarding PE ratio's used in calculations, just a few thoughts, in relation to VYST especially: For the overall stock market an average 20 PE is reasonable in healthy times. I've seen the average PE run over 40 but that tends to be near market tops. Now that being said, some industries, techs come to mind, have been known to have average PE's closer to 90/95. And over these many years I have seen individual strong growth companies achieve sustained PE's in the multiple 100's, and shorter term PE's in the mid to high end of that range.
I only mention all this to point out that PE valuations can be a faulty way to assess potential share price, of a strong growth stock especially.
Now, Rotman's may be solid financially, even a leader in its conservative furniture industry, but I don't believe that using it's industry average PE is a fair way to assess the potential here with the soon to be consolidated companies of VYST and Rotman's. That might provide an idea of the very low end of what's possible and possible very quickly, but IMHO, with what I see as the growth potential of Vytex and later the FEC division, i see this soon to be announced consolidated company as a strong growth company not a conservative furniture company; otherwise, I don't believe Rotman's would have agreed to the consolidation/merger to begin with.
IMHO even a 40 or 50 PE is conservative in the case of VYST, and once it really gets rolling, or the case is made that it will, there's no reason this couldn't be one of those strong growth plays that have share price based on projected earnings a year or two out that are in the 100's. I've seen it happen many times. At the very least, using a Rotman industry PE of 14 or even 20 is IMHO looking back not forwards and way too conservative.