Back of the envelope.....

18.37mm shs out plus 10.89 wrts.
So let's say 29mm

09 After tax profit targets - 38mm
2010 After Tax profit targets - 49.5mm
2011 After tax profit targets - 64.3mm

The incentive shares of 11.27mm are not released unless these targets are hit.

09 EPS - 38mm/29mm = 1.31
2010 EPS - 49.5/33mm = 1.50 (assume 4mm shares released each year if they hit targets though I dont have the exact number on me)

Stock - $10

09 PE - 10/1.31 = 7.6x
10 PE 10/1.50 = 6.7x
Very cheap for a rapidly growing play on the Chinese consumer. And the warrants are even cheaper. Deal is closed so warrants are like deep in the money options now.

Comments/corrections welcome.....