I usually go by outstanding shares, revenue, and growth when trying to figure out potential value, but that doesn't always work. Look at hsyn, that has 100k revenue vs. if accurate, Componus's est 66 million projection for 2008, has over triple the number of outstanding shares vs. what would be a post merger Componus, and it is trading in the .30 cent range.
ckxe is another example, about 90 to 100 million outstanding shares, 200 million in revenue, Componus's 2009 forecast is 166 million, and it is a $9 a share stock.
On the other hand you have a company like tnro, 400 million earnings, 60 million shares outstanding, and it is trading at a market cap of about 1/4 of it's sales revenue, though it had traded much higher months ago when it had it's run.
It's tough I guess to have a formula that is 100% because stocks always include the human factor, though if this were to trade based on 2008 revenue and 2009 growth forecast, and those numbers are accurate, then yes this does look very good in my opinion.
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