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GM’s financial adviser, Evercore Partners released projections saying that it expects the bankrupt automaker to return to annual profits by 2011. It estimates that the stock in the ‘New GM’ will be worth anywhere from $38 billion to $48 billion.

It estimates that the ‘New GM’ will hope to rebound its U.S. vehicle sales to about 16 million a year by 2012 to push it back into profitability while increasing output from the current 3.8 million vehicles worldwide to 6 million by 2014.

Until than, Evercore Partners forecasts that GM will lose $17.5 billion this year before hitting a profit of $3 billion by 2011 before taxes. It estimates profitability rising to $7.8 billion by 2014.

The numbers say that the Obama administration’s 60.7 percent stake in GM would be work up to $29 billion after bankruptcy. Even then, combined with $8.8 billion in debt, the government would still be $12 billion short of the $50 billion federal aid its pledged to GM. The government expects to write off $19.4 billion of that loan.

Evercore estimates GM’s revenue per vehicle will actually decline slightly through 2014. It says that GM will still be profitable even if U.S. market share fell to 17 percent.

So should you by GM stock? All we can say is make sure you do your research.