come on now, page-6

Hi Standup,
I'm not sure,
it seems they are a sales and marketing driven company selling VoIP and related services with approx. 65,000 customer with an ARPU of approx $12.00 per month per customer generating approx $9,000,000 pa with a market cap of approx. $3,205,000.

At 65,000 customers equates to a value of approx $49.32 per customer. In good times I would think it is a reasonable price to pay $60 per customer for acquisition of a customer base with an annual RPU of $140.00 per customer therefor a value of $3.9m or approx share price $0.075 would be reasonable. Problem is these are not good times and this is purely based on the purchase of a customer base.

I would imaging call termination services would be approx 50% of the average cost per customer leaving approx $4,500,00 per year to run the service, and this seems to be what it takes.

The problem with marketing is if you lower the marketing spend churn out weighs new customer take up. The answer may be in the fact you have created the customer base so how many other products or service such as broadband can you push to the customer base to create higher overall ARPU.

So what do I think they are worth, you would have to plug in the risk of continuity of business with only one supplier being Symbio and the weight placed on the agreements that require new negotiation in 2011.

So in a nutshell no idea.