weaseldawg :-) I did the comparison to the 11 "regional airlines" as given in finviz.com (provided the link in my post if you click on "Regional Airlines").
The PS average is .75812 and the Fwd PE average is 8.97
So yes the valuation based on the Projected PS based on year 1's pro forma (2009) comes in under .04 ...
... but to be fair, Baltia would be considered a growth stock once commercial flights commence. Growth stocks typically enjoy higher multiples (tolerance to premium) although I'd be hesitant to place the typical max of 10x for an airline given the state of the industry.
Even if I did, that would only "value" the shares with a speculative target of $0.499573
Once it does start flying, I suspect "the market" (with institutional investors or not) will find a spot somewhere between the 2 extremes.
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