Undervaluation for those who want to see it.
Fiscal Year from June 1, 2009 to 31. May 2010. My assumption is, that SPNG will book revenues between $ 100 Mio and 120 Mio. Based on their old filings, they retain approx. 20% - 24 % for EBITA. which would bring us to approx. 20 Mio - 28 Mio. (Depends on how much they spend for marketing - announced approx. 20 Mio or 20 % of their revenuebase.
Taking 20 Mio Ebita times 15 P/E (average P/E of sector) would add up to $ 300 Mio divided by 720 Mio shs. = $ 0.40 plus. Today,s price $ 0.04 is one of the most extreme undervaluation I have ever seen where I got a chance to put my fingers on. Such opportunities are not served on a golden plate they are mostly only presented to investors with deep pockets and the understanding to take a chance when it is on the table. Most of the golden opportunities we saw end of 2008 beginning of 2009, when the crowd left en masse the chips on the table, and the smart ones entered the game and took some investment,s in with discounts as deep as 90%. Some months after, when it became visible, the market cried foul (remember Dimons (J.P.Morgan) smart moves and good old Warren Buffett or, or .......... The list could be extended. Now here, you have it on the table as well and are watching life, that Pikes is increasing his stake to 20.1% but reacting to it, like a hypnotized rabbit in front of a spectacled cobra. You better act, before it is too latel
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