My appologies. I now see that you have deducted £2m of projected cap. x from £4m and then divided the residue into a market capitalisation based on a 10p share price.
FWIW, I believe that any cap x. directed at new potential sources of revenue should be treated as extraordinary items, especially in the case of dgm given their very conservative accounting policies. Or at the very least notionally add back 75% of cap x thereby applying a straight-line amortisation rate of 25%.
You will note the considerably lower p/e and one which most analysts/fund managers/corporate acquirers would base their investment decisions.
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