News: McAleese loses national fuel contract , page-7

I think we are at the bottom.
There could have been a capitulation with the latest news but there appears to be support at 50c.
They have just revised EBITDA to 100m and take away the cash from the debt its trading at just over 3x EBITDA.
- its still a significant business
- all diesel cost changes you would expect passed onto customers in their contracts
- director really stepping in to buy large chunks at 60c +
- it may be a bit optimistic but the company is still forecasting a 4c ff divd in October.
- the fuel business is low margin

Of course, reputation damage (esp in NSW) is significant but think that the buy option is much better at these prices. A disaster for those who bought at float but I think there is value here.