true believers, page-3

If one removes the sale of assets the 'trading profit' for 1HFY12 is 6.9m. Lets say it rises a few % to 7.2m in 2H12. That's 14.1m for full year. At 28c BOL has mkt cap of 133.57m. i.e. a PE of 9.4. Still too high imo in a fragile world where some (many?) mines are still not profitable despite big capex. One could argue BOL's cranes are often used during construction so doesn't matter if project later loses money. But projects are being delayed as lenders reconsider. In addition margins remain tight and could reduce as corporations squeeze every drop from contracters. What makes BOL unusual is that ixed assets are worth 49c/share. But 'dry hire' uptake is down and will someone buy BOL for its cheap machines if work for all this equipment is uncertain? Eventually someone will make a bid if SP keeps falling, plus a couple of strong tendr wins will def help. Overall i've lost money on BOL despite some successful trades. Am willing to re-enter if SP hits 25c. That's not highly likely but it one can always look elsewhere for cheaper companies. But neither is 25c impossible. The main fear for any potential predator is they buy all this machinary just as coal and other commodities fall, and marginal mines close. But TO (at say 40-45c) cannot be ruled-out.