Two years from now, trailing 12 month ebitda could easily be $30 million and current year (FY16) ebitda could be pushing $36 million....and could be debt free (unless they buy something, in which case ebitda will be much higher).....so conservatively, 8x36/60=$4.80 per share....more aggresively, 10x36/60=$6.00 per share.
But then again, they might buy something substantial this year (FY14) setting themselves (and us) up nicely for a buyout at an even higher multiple.
Could you imagine if the market suddenly decided to value NAVR in a similar fashion to AMZN? Crazier things have happened.
....or maybe Willis and Co lay an egg and back to $1 we go, but I doubt it.