I arrived at 16.75 by assigning a value to 4 different aspects of mail;
1; the value of their current earnings, probably around 1.05-1.10/share per year
2; the value of the growth that comes almost for free... this is a key part. Usage of their product is increasing with little or no capital expenditures, unlike most other companies which have to invest their money to grow
3; the value of the growth that will come, in addition to the "growth for free" from reinvesting their profits instead of paying them out as a dividend
4; the value of their cash on hand
I've never seen a company in the tech sector undervalued to this extent.
I piled in a couple weeks ago, it's my largest portfolio position and will remain so for quite some time.
GOSH, I didn't read this same crap the last 1000x it was refreshed on the message board. I think if the company was going under they would have sold more in the last year then 379,000 shares. How many shares do they really own all together? I will give the people who sold short congrats, they made some money but find some new tactics to use in 2010 not year old crap....