You got to check your calculus, I did not say $400/share, but $40 share, which will come close to a PS ratio of 5 on sales of about $100 MM in 2005 (though the bear market then will lower the then current PS ratio). In erubescent exuberance state, the market will look at the current sales rate for 2004, which has a good chance of "kissing" $80 MM annually to grow to $100 MM in 2005 and assuming share count (currently at 9 MM or so) to grow to around 12 MM (I hope they do a secondary to raise cash to support increased working capital requirements, if they do $100 MM in 2005, they probably need at least another $10 MM in working capital so they should issue 1 to 2 MM new shares hopefully in the $15 to $20 range as long as the "widow" is open), getting you at a price of around $40 per share. I am not saying that will happen, I say that in an erubescent exuberant market such market caps are not impossible and cheap relative to some of the hype like NVEC, TARS or even WAVX, a POS with currently the same market cap as HAUP).
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