We're sort of on the same page there. Using some of the same numbers anyway. PE ratio of 15 (very conservative). And assuming the entire 1 billion a/s.
But earnings are net income, not gross. And the omega 3 order is being split. So a $6M O3 order is presumably $3M gross, and I'd guess $1.5M net. That said, you're right about the farm investors ramping this thing up significantly. That more than anything will get things moving IMO - especially since it's an all-profit venture each time they build. Easy to be cash flow positive when you've set your business up the way Dennis has.
The other factors to EOY share price:
1. PPS projects 6 months out. Dennis said earning of $5M in 2010, and $25,000,000 in 2011. (Using #'s above, a PPS of .075 in 2010 to .375 in 2011). Could be anywhere in the middle by EOY if PPS is truly projecting forward.
2. Government Laws/Taxes/Incentives that boost algae fuel and/or carbon restrictions.
3. A major or mid-major partnership.
4. Contract with a nationally recognized company.
5. etc.
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