That's excluding all the goodwill etc and adding in estimated 2012 cash to balance sheet. This is why I bought in yesterday and today. It's cheap. That's why Forbes has printed 4 articles screaming BUY. The lowest analyst target is $11/share. That may be fair. But... do what you feel is best. Hey, maybe it will go to $2. My first stock investment was 50 years ago in a gold miner called Benguet. Bought it at $0.06 a share. Sold it at $20.