CSR could be a good long term trade, page-31

CSR is more a value proposition than a growth one, although the building stimulus program might give them a short term growth boost.

Low growth stocks may be valued on dividends alone which for CSR I estimate to be about 24c net per annum. In our current low interest rate world a 5% net yield is reasonable which for CSR would be at a price of about $4.80. Assuming 50% franking a 5% gross yield would be at a price of $5.65. So to me it appears that CSR is currently trading at about fair value.