great post CT! i like the way you keep it very basic and without...

great post CT! i like the way you keep it very basic and without all the hype you have really showed the intrinsic value of this company.

if i could elaborate on some points. I think a PE of 2 is probably i bit overdone on the conservative side, i would say PE 5 is very conservative for a company growing at exponential rates.

Since last announcement the company expected to have a book of value of 12M by Jan 08 and be cash flow positive by June 08. Now its Feb and they have a book of value of 8M. Thats ok because they are growing exponentially, and with each successful tender and successfull project installation, the word spreads around. They will need more and more staff to process these tenders etc.

Lets assume linear growth instead of exponential, just for a moment to see where we should easily be in one year. The company are currently doing about 5 tenders per week and these 22 over the last month have been valued at 8M AUS. Lets deduct 1 M per month for lost contracts and expenses etc. Thats still 7M per months

7 Million profit per month for 12 months = 84M profit

give this baby a P/E of 5 (sector is 15-18) but lets forget about bullish valuations in this bear market.
thats a market cap of nearly 500M
with about 155 M shares on offer
thats about $2.80 per share

forget a 10 bagger! thats a 30 bagger from the current share price!

I am scratching my head as to when the market will wake, i think it will be rerated when the fat lady sings in June 08 when they announcement that they have done much better than breaking even, they have made a healthy profit! I will hold this baby till June 09 and expect the price to be around the $3 mark by then. Of course it should be much higher by then, but $3 will make me very happy.

I consider doubling your money every 2 years a great effort, so i am sitting quite happily on this beauty.