Ann: Investor Update , page-7

I have been looking at this one for a while but did some numbers today

With rev of approx 200m next year and margins staying around the same level I believe profit after tax go from 18 to around 40m/pa

Current market cap 390m

9.75 forecast p/e for 2011 earnings. Cheap and i am not even looking at growth

With the industry these guys are in and their growing repuation in the market I forecast rev to go to 300m in 2012 and prob 400m in 2013 before growth rates really start to stabalise

So say 300m in 2012 NPAT approx 60-80m . call it 70m

No more diluation needed as the business is generating great free cashflow

PE of around 12

840m market cap call 70m shares

$12/share

Might be the next MND

Will not get there overnight but $5.30 is cheap if you are willing to sit on this for year or two