Tele Atlas - Valuation Case

Hi,
I'm trying to get a feeling for the "value" of a company called Tele Atlas, see www.teleatlas.com . They offer digital road maps for GPS applications for use in TomTom, Garmin, mobile phones, ViaMichelin, Google Earth and for webpages to name a few. What makes it interesting is the fact that they operate in a duopolistic market situation, with the only competitor Navteq. The biggest investment, building the database, has been done in the last years. The company has no debt at all.
So with the consumer market for GPS applications really taking off now, it's interesting to take a look on the theoretical value of the company. In the attached spreadsheet you'll find some financial info (including competitors and clients), with courtesy to the maker of it, Ron Belt (see http://beleggen.blogo.nl ). The shares are trading on Euronext and Frankfurt stock exchange, currently around €21,00.
Is this an opportunity or is it already fully discounted in the current valuation?