100% upgrade to net profit fy13/14, page-11

Oh - I've roughly estimated the current cash reserves might be about $2.7-2.9m, with another likely amount of cash reserved for taxes.

One other thing that I like is that the NPAT appears to be reported appropriately - they are factoring in about 30% tax, I assume, due to earnings coming from jurisdictions where their losses cannot be applied.

The tax losses they have are still an asset - but I am not sure what they are worth.

Hence am happy with a minimum PEx of 14 (14x2.2=$31m. Their net cash is about $1.5m allowing for their share of debt in their recent acquisition. Maybe their tax losses are worth another $3m at this stage, as a total guess. So my minimum SP target is now 15.5c, up from 14c an hour ago - lol.

Any comments appreciated. This is a ripper.