Ann: Chairman's Address to AGM , page-4

Well a lot of stuff in the sector is barely trading at PE's of 5. If RQL hits 30% npat growth then a PE of 5 puts it at 35c. I think until they start pumping out a nice dividend its not going to command much more than that. However that said, they have explained quite well how recurring their business is, so I guess there is room here for the market to rate them on a better pe. If they can annualise the growth rate they will come in with 15m npat, however if you normalise that for tax, then the real figure is 10m npat. So PE of 10, which is probably right gives us 100m market cap target. So currently 75m, I have a 40c price target. Not the screaming value I like when buying these plays. But probably worth a small punt down here.