Colonnade,
Earnings for FY12 are expected to be in the $1-$3m range.
Earnings target for FY13 is $10m (of which 80% in 2nd half)
Meaning FY14 would be something in the area of $17-18m given their stated target of 12-12.5% ROE.
I'm assuming you used the old Gordon Growth Model, but that won't really apply for this stock which is in a business model transitional phase.
My own calculations price this stock at 34cents based on discounted cash flows.
