the numbers, page-12

I get $54m NPAT or $95m NPATA for 2009 (though not sure how the amortisation of acquired intangibles will be treated in terms of tax). That assumes no growth (or decline) in core business.

Normally I'd ignore the amortisation (and probably will for 2010 and beyond) but it's "non-cash" effect is off-set by the cash effect of run down on iSoft contracts.

I think very cheap, but not sure when the market will feel ready to trust - probably when cashflows start to look healthier in 12 months time. Meanwhile, I keep reminding myself that directors would never have put so much energy into this deal unless their calculations showed it increasing the value of shares. Also that they appear to be on track (or slightly ahead) in implementing the plan. Ergo, since the shares have now fallen by around 65%, they are probably worth a minimum of 3 times current value...