Just very poor and lazy 'journalism'. He uses the current Market Cap (which factors in the ~£450m from the rights issue) and 2015 forecast earnings for the current business (which excludes Skrill).
Trading update RNS this morning: "Further to the trading update on 21 May 2015, the Company confirms that trading to the end of June remains strong and in line with market expectations."
Probably in response to recent SP drop, might see some support now?
I bought another batch yesterday at 2.19, can only see upside here over the next 12 months.