opposition christening, though no new news, page-22

Hi mop, some good points. I agree that up till now this business has been extremely cyclical, and as you say the Oz business is in desperate need of some orders. Cyclical businesses like this generally trade on low PE's, deservedly.

However I think this company is now totally different (and how I hate the words "this time its different"...). By that I mean we've gone from a business dominated by commercial ferries (lumpy but irregular orders) to one with its main customer as the US DoD. Not only do we have the LCS order, but also the fast troop transporter/ferry orders. So the cyclicality of earnings is vastly reduced, and we have sight of orders for at least the next 5 years.

However there's no doubting the SP has been a dog, even with the A$ weakening (which it looks like doing for a little longer).

I'm sticking with this one. Sure there's more excitement elsewhere at the moment, but from my humble experience the market will turn back to these sort of companies again.