balance sheet in good shape, page-2

Yep, agree with profit forecasts. They have stated NPAT for 2014 is expected to exceed underlying of $17.2m for 2013.

Cash is understated - they still have $95m of property assets to offload ($8m so far post balance date realised) which will increase cash levels significantly during the year.

Statutory profit in 2014 might still be below 2013 though if they take more impairments on the property assets as they sell them down.

Still, looks very cheap.