The results for this company are out in July for 2004. The consensus forecasts are:

an increase in turnover from 21.76 million(2003) to 26.1 million (2004),
and profit before tax from just over 1 million(2003) to 1.9 million (2004)

The figures are from Hoodless Brennan, analysis sheet available on their website.
www.hoodlessbrennan.com (click on research and prices).

I am hoping the share price has bottomed out as I bought a small holding yesterday at 8.5p

I've been playing with the numbers

The last Daniel Stewart research note on STP (10-Mar-08 rating BUY target 2.01p) was issued before the recent earnings enhancing acquisition of mobile reseller NW1.

The Broker Note predicted full year earnings for April 2010 of 19.61 million and Earnings Per Share of 0.26p.

However, in a recent interview (30 May, 2008) Alastair Mills (CEO) stated:

"Last year we grew from 13-16 million and next year we'll be a 21 million business."

So, extrapolating from the BN figures, sales of 21m next year would produce EPS of 0.31p.

With the current SP of 1.26p that puts Spiritel on a lowly forward P/E ratio of 4!

A PER of 10 would give an SP of 3.1p
A PER of 20 (not taxing for a high growth telecoms co) would give an SP of 6.2p.

So, SP far too low at the moment based on current/projected earnings. But we know that STP is in acquisitive mode - from the same interview:

"We're well-positioned in terms of financial performance and the scale of capital we can raise, and you will see us making further acquisitions."

So - more acquisitions - more earnings. Expect to see the SP go significantly higher from here.

Cool ! onwards and upwards!