Morningstar have EHL as a BUYEHL holds leading positions in...

Morningstar have EHL as a BUY

EHL holds leading positions in earthmoving equipment rental markets in Australia and Indonesia. There is little sector diversification. Mining is the focus but civil construction provides some revenue. Scale and a large balance sheet are advantageous as the rental business requires large capital expenditures. Fixed cost leverage helps earnings grow faster than revenue in the good times, though downturns are painful. The stock should be treated as a deep cyclical only suitable for higher-risk investors.

PE of 9.5 dropping to 7 in 2011

3 strong buys and one hold from

Austock Securities Ltd, Foresight Securities Pty Ltd, Morningstar Australasia, Southern Cross Equities

So on paper they are OK, not having a dividend is probably the killer, not because of the value but the physcology..
i.e. a 3c div would mean 65c gets 62c ex-div so as you can see in the price, more than the div is factored in...

cheers