Melbourne Age 29/4/2002., page-4

Forecast net profit 12.3 mill J.P. Morgan 13.1 mil Valuation of Powerlan (sector bearish)
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Focus is on immediate earnings (not so much the future (contrarian)(it ain't gold)(LOL)
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Assuming a net profit of at least 12.3 mill---source Melbourne Age---dated 29/4/2002 section Money page 13.
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Last half year profit report gave 1.6c as eps--if we were to add 1c to that---equals 2.6c.
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The immediate extreme oversold factor then in PWR stock is with a p/e of 10----a valuation of 26c.
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With a p/e of 15 a valuation of 37.5c
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Should the sector become bullish we would then focus on the estimated June 2003 result (rather than 2002---bullish rather than contrarian) that David Leslie estimates at $16.4 million. (J.P. Morgan haven't updated yet---their last forecast for 2003 was a net profit of 25 million----PWR though since that report is restructuring---see Age Article--will let people know when the next report comes out and what J.P. say)
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Cheers,---Steve