Also, the number this analyst arrives at presumes the UUU acquisition Mantra at a cost of $0.87/share. Discounting the stock by $0.87 per share (ie. baking in the bad news), he comes up with $3.47.
His analysis is, in my view, on the conservative side. It seems to reflect what is, not what could be. I think anyone who has been around this story for a while knows exactly what could be... And the offer is undervalued.