patience, page-3

gotta say I agree.

In this market fundamentals are thrown out the window as the market simply sells anything to escape. But the best money made by successful investors has been made by those that buy during these times.

As long as the fundamentals are fine, then you have a buying opportunity.
I keep reviewing this company and I really fail to see any problems on the horizon.

It is basically a growth stock operating in a defensive sector. I really like the look of it. But then again, I am an 'investor' and not really a trader, so I intend to hold this company for a while.

Debt levels seem reasonable. Majority of debt has another 4 years to run which should see credit market volatility out. Cashflow increases by a further $70m pa come end of April 2008 which is great, and the only real debt potentially due late this year is the $56m with AEP. The fact that they are a re cornerstone investor suggests there will be no problem extending this or simply refinancing.

Also, the fact that they did not require drawdown of a additional $50m suggests things are moving along well.

I do think this is a stock you need to hold for the year. 80% of FY08 revenue locked in, and an expected EBIDA of $85m-$95m is not factored into the current share price at all. If it was, the forward PE would be compelling.