Let's have fun with...

Let's have fun with fundamentals:

NPAT....................P/E.......................Share price.....................P/E.........................Share Price
$5 mil...................10.........................5c...................................15............................7.5c
$10 mil.................10........................10c..................................15...........................15c
$15 mil.................10........................15c..................................15...........................22.5c
$20 mil.................10........................20c..................................15...........................30c
$25 mil.................10........................25c..................................15...........................37.5c
$30 mil.................10........................30c..................................15...........................45c

Given that EM1 will have accumulated considerable tax credits during its development phase, it is likely that it will pay negligible tax over the next two years, IMO, and by that time it will have likely relocated to a tax haven; again IMO.