so close analyser!, page-12

re: what is the current per? Good post.

I was told (but have not had time to check it out) competitors / others in this area of business already trade on PER of 14, 15 etc without having the profit growth profile of TOX. Anyone with this info could post I would appreciate the confirmation.

High margin business means exponential profit from higher throughput which is in place and will be added to by the acquisitions December 2005. High barriers to entry justify PER 15.

Remember bolt on acquisitions will be in place end of 2005. My guess options will be converted and funds will more than pay for the acquisitions.

TOX will run once the smart is fully set at today's sp.