LEADCOM, a real growth company.

Ptolemy - MG has answered your question.

What must be remembered is that Altium wrote that note based on "just" the 180m$ revenue target for 2007. That target does not represent the scale of the BSNL deal, and they are "right" in their minds to ignore it, as its been delayed 6 months already. However, the 15th of Jan 07 represents the final court hearing, and all being well the verdict to allow BSNL to award the contract.

Therefore, the 75p target at 13 times 07 EPS is based on just present work, if you add BSNL to that, you'll need IMO a 105p target price at least (keeping LEAD on a miserly low forward PER rating).

Add on to that later in 07 the Reliance project, and you'll need a target price much higher.