I was hoping one of the "true believers" of RQL could help me...

I was hoping one of the "true believers" of RQL could help me with my valuation. I have spent the better part of a two days deconstructing financial reports back to 2007 and I have concluded that the return on equity for this business will likely average around 15% in the coming 2 or 3 years (obviously quite a capital intensive business). Based on what I have calculated as the underlying equity in the RQL business (which was backdoor listed in 2009) for FY11 (circa $73 million), I would value the business at about a 50% premium to that underlying equity, about $110 million. Based on a fully dilluted capital base of 250 million shares, my valuation is 45 cents.

Thoughts? Particularly interested in the thoughts of others on whether my ROE assumption is incorrect.