$FUSZ – Oracle ALONE gets us to $7/Share ! This Evaluation is based on Oracle to convince 200,000 of their current (Multi-Million) User base to upgrade their accounts to the new Joint Product. This would only be 10% of 2,000,000 users which I believe to be very Conservative.
Conservative Numbers Used for Evaluation:
Shares Outstanding: 160,000,000 (Rounded Up from 152k)
nFusz/Oracle Joint Product Users: 200,000
Price of Oracle Product $15-$25/User: Lowest Price of $15 used to be conservative.
Profit Margin: 70% even though I believe Rory has said it is now expected to be higher than 80%
P/E Ratio: I will use 50 which is well below the Industry Average of 117. See link below

200,000 (users) x $15 = $3,000,000/month (Total Revs)
$3,000,000 x 10%(Oracle’s %) = $300,000 (Oracles Revs)
$3,000,000 - $300,000(Oracles Revs) = $2,700,000/month (nFusz Revs)
$2,700,000 x 12 (months) = $32,400,000 (Annually)
$32,000,000 x 70% (Profit Margin) = $22,680,000 (EBITDA 70% Margins)
$22,680,000 / 160,000,000 (OS) = .14175 Earning per share
.14 (Earnings per Share) x 50 (P/E) = $7/Share

Average P/E is 117 for the industry according to Morning Star
http://financials.morningstar.com/valuation/p...html?t=CRM