TRIO at 11p - is there a better 2002 two - bagger?

The Vogon,

so in your estimates, how much would Greek Drachma vs. Spanish Peseta swaps be worth in comparison to say Drachma vs $ or Drachma vs. £. The way I see it Trio will most likely see an increased trade in euro derivitives for hedging purposes and a decreased (non-existant)trade in the currencies that are no longer. Obviously some trade will be lost completely.

In terms of Trio valuation if we take the market cap. £10.85m and strip out the cash element, £8m, the business is effectively valued at £2.85m. The gross profits ofof approx. £4m were subject to an exceptional charge and also loss making operations have gone. There are also the new businesses coming in such as air charter exchange which should help to increase profitability in the future.

So assuming Trio suffered a 30% reduction in turnover (an overestimate I should think) due to the loss of trading in European currencies this share would still be looking very cheap in comparison to others.