Right, that is why I included analyst coverage as one of the prerequisites to get back to a more reasonable multiple and thus $20. If 100%+ sequential revenue growth, growing margins, increased guidance and the addition of 2,000 busses wasn't enough to sustain 9x, 8x and now even 7x earnings, why would I possibly believe that any of those things would suddenly garner more respect in 2011? They won't, not until credibility is established.
Credibility = show us the money or get a big, reputable firm to confirm that CCME is the real deal, not a fraud. Until that happens take 5-6x whatever you expect them to do in 2011 and that will be your PPS. It doesn't add up to $20.
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