P/e of 2.7? Europe Steel on Ofex

Trading statement last week confirmed profits in 11 months to 30/11 "comfortably exceeded" 2005 figure for whole year.

Therefore looking at £700k this year and £1M plus in 2007 - translates to P/E 3 and 2 respectively!!!

Cheap or cheap?

No debt;
Net cash £1.1M and growing fast
NCA £1.5M
Market Cap £2.1M

Share overhang cleared - GNE SOLD 39% OF LISTED SHARES TO TWO INVESTMENT COMPANIES THIS WEEK AT 20P.

Very cheap at 17p.

BARGAIN; have nominated this as my doubler for 2007 on CR's new thread.