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Microcap & Penny Stocks : TASA. Can someone with KNOWLEDGE help!!!! -- Ignore unavailable to you. Want to Upgrade?

To: Thomas Kirwin who wrote (281)	4/4/1998 12:43:00 PM
From: Thomas Kirwin	Read Replies (1) \| Respond to of 601

Napkin Math Valuation II EPS Estimate Assumptions - EBITDA of $3 Million, Tax rate of 45%, 15% Other (Interest, Taxes and Depreciation), Remaining 40% Profit $3 Million EBITDA x 40% = $1,200.000 Net Revenue $1,200,000 Net Revenue/8,499,000 Shares = $0.14 eps Current PE Estimate - Future Earnings $1.03 current stock price/$0.14 eps = 7.36 PE Stock Price Valuation Based on a reasonable PE of 15 Touchstone's stock would be fairly valued at $2.10. This simplistic valuation approach does not take into consideration the projected 350% three year growth or future earnings potential of BETA and MLP. $0.14 eps * 15 pe = $2.10 Stock Price These assumptions and projections will most surely change once TASA files the acquisition details regarding Drake Business Schools with the SEC. Any thoughts? Regards, Tom