ags valuation, page-24

I think the new every so slightly bullish depth represents:

1. The expectation of a large rate cut in the US spurring a Market rally.l

"FEARS OF a severe credit crisis and a global sell-off in financial markets is expected to lead to a cut of more than 1 per cent in the main United States interest rate today"


2. Undervalued stock but the reflection of this on our SP is controlled by No.1


I think the simple view makes the most sense.

Matt