Ann: June 2009 Profit Update , page-3

I've been buying lots of these. I think the high Aussie Dollar and higher Silver Prices will effect things short term.

Whatever the case, they have had a top notch return over time if you ignore the past shareprice gyrations, and measure their returns against the current share-price.

By my calculations, their average ROSF adjusted for options etc is over 16% long term, however this return has been volatile being as low as 7% and as high as 28%.

So I expect volatility to be my friend from here. As a ballpark guide, at the peak in their earnings cycle due to AUD etc, I am looking for EPS of about 8.5 cps plus, with an SP of 85 cents plus (top of the last earnings cycle the SP was over $2, and earnings were 6.8 cps).

There is risk of new technologies and other typical business and market risks, so DYOR.