MNF has delivered eps of 1.8 cents based on operating profit of...

MNF has delivered eps of 1.8 cents based on operating profit of $1.01M. I dont include the deferred tax income in my calcs.

Assuming subscriber growth continues at 12% and revenue growth only matches this (actual 23% for 2010)eps would grow to 2.1 cents in FY11 (assuming all cost ratios are constant)

The sector trades at 11.3 x (TPG 17X, IIN 11.3 X, TLS 9X)

That gives a price for MNF of $0.235

Even at that level its only capped at $13m

Very tightly held so not one for the traders but a few of these tucked away could provide a very nice return. I think $0.30 (Mkt cap $16.5M)is perfectly plausible given their operating model.