Calc'sI agree with the calc's. A few unsolicited (and maybe worthless) comments:
1. I don't think this values the cash on hand and that will be generated. I think it would be cool if they could become the Silver Wheaton of China on the side.
2. They might not get a 20 multiple as sign. portion of revenue is lead and zinc--base metal portion often gets a lower multiple. They are less leveraged to price of silver than most other silver companies due to their low cost structure---this is great when things are going bad--but would seem to hurt the multiple going forward. Then again, a higher multiple could be justified given great growth prospects--I'll personally be disappointed with 20% growth over next 5 years (maybe I'm greedy).
I like the direction they are headed along with the direction silver is going. I think once it gets above $5 for a while--the bigger funds will get involved--often they can't buy less than $5 stocks.
Go Silvercorp.