coppertop,
I'm afraid that research report (circa August 2012)is woefully out of date.
Since then the UBS analyst has downgraded EBITDA, EBIT, and NPAT forecasts for FY13 from $43m, $33m and $16m, respectively at the date of the report you attached, to $37m, $27m, and $12m, respectively, on the 4th of December.
I'm afraid the company has been in a perfect storm over the past 12 months.
Cam