Listening to the investor call management seemed quite...

Listening to the investor call management seemed quite comfortable still talking about the $10M profit target for calendar year 2013 and when quizzed with amortization halving in 2014 spoke about a $12M figure. This equates to 4.4 eps and no growth is built into this figure. Guidance for 2014 with amortization reduction is $12M i.e 5.3 eps with no growth built in. Dividend re-instated and they gave the impression they want to pay as much as they can out in dividends. Earnings volatility has been substantially attenuated with the moving to the agency model.

Currently trading on a forward 2014 PE of 3.6 without taking any growth into account ! Worth 42 cents a share on undemanding 2014 forward PE of 8 without any growth eps built in.

On a PE of 10 with 10% uplift in 2014 eps to 5.8 its worth 58 cents. Potential triple bagger in 18 months