looks good, i'm backing management, page-10

Agreed stonemason and well said delibasic.

IMO the downside risk on this is low, in comparison to the genuine upside potential from the unpredictable growth both in Aus and overseas. Not sure if Roger M does rely on broker notes, I think he forms an analysis based on what the brokers say, but I don't think he relies on it in full to make up his official target price or value. No broker out there has factored in the real growth potential to any forecast for RQL - I think RBS has $0.47 and Patersons has a similar target, less than $0.51. Just bear in mind also, there was a really large crossing done on the stock not so long ago and I think Patersons (for clients) and Hunter Hall picked up the majority of the stock. It's a pretty positive sign when the likes of Hunter step in to pick up big lines. You know that they'll be in the stock for the long term, 5, 10 maybe 20 years. the foresight is there and they've proven it with the funds performance to date.

I just think this will be a non-cyclical, steady growth business which will see really good return over the longer term - as I previously stated, 5 - 10 years. Think about the potential overseas esp in dry/south american countries that need water supply. the fact that RQL provide and manage the water on site will not only be good for existing business, but will promote new business as startup mines will be more encouraged to get up and running now that water is available on site through outsources such as RQL. the way i see it, the growth story is exponential; growth promotes further growth. they have the know how, the people skills and the management to do it and given what's happening with resources at the present moment, we should see larger profits, more contracts being awarded, more people on the payroll and bigger NPAT.

Ps, I think there should be some big lines of stock available on the market during December with those recent options being exercised. not sure how much stock will be pushed out, but expect some liquidity mid - late December. this will be an excellent opportunity to get set in a stock i truly believe ticks all of the right boxes in my view.

stonemason, have you had a look at competition for RQL - either in AUS or abroad? These guys have the potential to add bolt on's to the business in AUS and offshore so i reckon you'd want to look at similar stories out there. you're right though, very difficult at this stage to put a real valuation together on this company as you really can't factor in future potential business, which makes it all the more exciting.

cheers.