Trading multiples are always multiplied times the outstanding not the float. How usually do this calculation is to find an industry multiple and use that. For Baltia I use 10 to be conservative, and 20-25 for liberal calculations. I know of a few people who use your method but they use the O/S. Your projections would be 1/3 of what you calculated since you didn't use 75% of the shares, so it would be about .60/share.