Based on stated T/O and rate of revenue growth, along with the probable trading profit coupled with a highly likely cash-raising exercise, I would agree with your target as being entirely possible.
However, much continues to be made by the bulls of QXL of the imminent return of ownership of the polish site - whereby it is thought that much if not all of the current market-cap can be more easily justified, what's your view of the this 'apparently' imminent event?
I re-post the last RNS on this matter below for your comments accordingly.
regards
T..
RNS Number:7448S
QXL Ricardo PLC
17 October 2005
17 October 2005
QXL ricardo plc (the "Company")
The Company confirms that it has recently been approached with a proposal for
the recovery by the Company of full control of QXL Poland Sp z o.o. ("QXL
Poland") as well as the acquisition of certain additional assets in Poland and
other parts of Eastern Europe. This proposal would involve the Company issuing
shares and/or options representing up to approximately 22% of the Company's
fully-diluted share capital. The proposal, which would represent a settlement of
the Company's ongoing legal claims in Poland, also envisages that the pre-tax
profits of QXL Poland for the six months to 30 September 2005 would not be
materially less than #4.7 million.
The financial terms referred to above have not been negotiated by the Company
and do not reflect a change in the Company's assessment that it will ultimately
succeed in its legal actions in Poland. The Company emphasises that there can be
no assurance that any agreement will ensue from this proposal, which so far has
been discussed by the Company principally with its major shareholders. The
Company is especially keen to limit any damage to progress with its legal claims
resulting from the premature disclosure of this proposal and will be seeking
appropriate assurances from the Polish authorities in this respect.
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