Trading multiples are always multiplied times the

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.