Ann: Investor Presentation , page-8

On the 5th of December UBS issued a BUY.

I'm looking at about a $5M HY net profit in February. And a $12M full year net profit. That puts COF on a PE of about 6.5.

As debt gets repaid, the interest bill will keep coming down, so even without revenue growth, NPAT should keep rising.

- COFFEY INTERNATIONAL LIMITED

UBS rates as Buy (1) - The immediate outlook for its Geosciences division is filled with uncertainties, but from mid next year onwards improvements should have announced themselves. UBS notes mining and energy account for nearly half of annual revenues for the division.

Earnings forecasts have been trimmed with UBS commenting a conservative approach seems but appropriate. As a result, the price target has dropped to $0.40 from $0.56 earlier. Buy rating maintained.

Note today's revisions wipe out everything related to even the smallest sign of growth for the years ahead. No dividends thus.