Ann: Trading Halt , page-28

HT

Nice to be able to converse away from the Copper plays.

Prior to the trading halt i had LEI trading on a FY11 PE of 18.

My thinking is that the market will now try and value LEI on FY12 earnings, and apply a discount to factor in anymore project downgrades or impairments, the lack of a 2011 year end dividend, and the point you raise about the groups ongoing ability to manage risk.

I would be surprised if it trades as low as a FY12 multipler of 10. Maybe in the 11-13 range which would give a SP based on FY12 earnings of $600m, of around $23-24.50.

Of course all this is very theoretical and is subject to sentiment, Generally companies who drop the ball as LEI has get a real serving. However probably some buyers on the sidelines who recognise the demand for services that only Leighton can really deliver.

I am not quite sure where I would see value in LEI for a long term buy. I need to ponder and read further.