Assuming the SPP is fully subscribed and the price remains at...

Assuming the SPP is fully subscribed and the price remains at current. The rounded out numbers I get are:

Shares on issue post cap raising = 47 milion
Current share price = $1.64
Final Market Cap = 77 million

Assuming a PE of 10 is reasonable value for this company, they need an earnings per share of $0.164 or 7.9 million for the full year.

From the pro-forma... "Including Hofco, Titan’s pro forma combined FY13 EBIT would increase to between $14.1m - $15.1m3" (remember there are disclaimers associated).

That would give an after tax of of $9.9m - $10.6m, or EPS of $0.21 - $0.22. That's looking pretty good to me!

I get a (potential!) forward PE of approximately 7.3 - 7.8

Feel free to correct me if I got anything wrong :)