From a german board (the 12 million guy is in serious trouble posting wrong messages)

Forecast Q1 estimated (after 4 deals S.=50 mio., Nik. 20 mio., Se. 15 mio., PE, 15 Mio.)

Revenues 100,00 Mio. $

Net profit: 41,47 Mio. $

Earning quote 41,47 % (Q3 60 mio.$ revenues= 24,882 mio. $

net profit= earning quote= 41,47%

Freefloat 361,814 Mio. shares

EPS 0,115 $

+ remaining Cash from Q3 estimated 2,28 Mio. $

P/E Ratio estimated: 20

Avergae P/E Ratio U.S. approximately: 19

Avergae P/E Ratio S&P: approximately:21

Forecast Q1 estimated total (including another 4 deals until 31.08.2006 average payment per deal 20 mio. $)

Revenues 180,00 Mio. $

Net profit: 74,65 Mio. $

Earning quote 41,47 % (Q3 60 mio.$ revenues= 24,882 mio. $

net profit= earning quote= 41,47%

Freefloat 361,814 Mio. shares

EPS 0,206 $

+ remaining Cash from Q3 estimated 2,28 Mio. $

P/E Ratio estimated: 20

Avergae P/E Ratio U.S. approximately: 19

Avergae P/E Ratio S&P: approximately:21

Calculation max. bookvalue

300 Companies (not sure, if this will be the final number)

known average after 5 Deals (AM, IN, H, CA, FU 74,7 mio.$)=14,94 mio.$ per deal

Contract average Q3 (3 deals) 60 mio. $= 20 mio. $ per deal

Announcement TPL= increasing licence fees

calculated average per deal: 15 mio. $

300 * 15= 4,5 billion $

Earning Quote PTSC=41,47%

Net profit1= 1,866 billion $

Additional costs calculated:

PTSC vs. F. max -200 mio. $

PTSC vs. B+O. max -40 mio. $

PTSC vs. G. max. -1,2 mio. $

total 241,2 mio. $ additinal costs

net profit total: 1,6248 billion $

Book value: 4,49 $

Max. PPS value 4-5* bookvalue=17,96 $-22,45 $

Have a nice day!