Walker Greenbank

no, that doesn't mean there will be one for sure just because there was one last year hvs.

I would think they will put one out tho as they sounded very upbeat at the interims. Jan 27 looks a good likely date again too - as the last director buy was on Nov 27, exactly 2 months prior to that date.

2.27p forecast for the year just completing, 4p for the year about to start. I expect they will easily do 2.5p for the current year, perhaps a fair bit more with luck. This would mean 1.5p eps in H2 minimum, possibly a lot more. If they have just done that 1.5p eps in H2 then the 4p eps for the year ahead looks way too low imo - they should easilly do 2p in H1 alone at that rate.

No tax to pay for ages, debt falling faster than many expect, greater cashflow with the reduction in the pension deficit all add up to upgrades imo.

Bare minimum these can get upgraded to for the year starting Feb 1 is 4.5p eps imo which makes the maximum PE 12 I reckon with growth running at 100% pa currently. I think that's cheap on that bare minimum expectation. 2008 eps likely to be 6p+ imo - once we are into 2007 investors will start focussing on that - a PE of 12 would be nothing unreasonable either seeing growth would still be 30%+. So 72p mid 2007 perhaps? And the chance they are more ahead than we think too?

That's how I look at these going forward.

CR