Considering:
1. 10% buyback over next 12 months
2. 30c div or so next 12 months
3. FY06 EPS of around 90c (ABN Amro estimate)
4. Possible reserve upgrades (well I'm hopeful)
I see little downside and pretty good upside going forward. Of course a market correction/crash will stuff that logic up
cheers
Mark