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.