STREAM GROUP mobile content provider -> WHITE WATER PROFITS

I do not understand what I believe to be a totally unrealistic price valuation on SEA. Even though we have been given a profits downgrade for the year end December 2005 by the company, we should still be looking for profits of around £2m. This puts the company on a PE ratio of approximately 10. If one considers the £750,000 extra expenditure on the MChex platform upgrade as well as the delays associated with the upgrade, then I believe that SEA could realistically have brought in profits in excess of £2.75m for the year.
Looking to the future which is what SEA is all about, there has been the recent launch of the gambling platform which will only make an impact on earnings in the year 2006. Furthermore, we still have the launch of the MChex banking platform which should come on line early next year if forecasts are correct.
If one compare SEA to Monster Mob, then surely in SEA there is one ridiculously undervalued company.