Drummit
I have just read this thread and thought it prudent to point out a glaring error in you calcs.
When comparing Enterprise Value (Mkt Cap + Debt - Cash) You need to compare this to EBIT (or even EBITDA), not NPAT.
EBIT is $182m FY08; EBITDA $208. Using these figures will give you a considerably differnt result in you calcs.