25 bucks?

Concensus for LEI is $2 EPS. However, LEI have themselves said that they will be lucky to make 430m, and with 300m shares, this is only around $1.40 EPS. FY10 looks perhaps worse! Also, LEI's credit rating of Bbb1 is in doubt. The only thing going for them is WIH, but even that looks a little shaky?!?!

I can't for the life of me work out why people are still willing to pay PER of around 18 for these guys. They don't deserve a premium at the moment.

Please understand that I think that LEI is a fine company, but is going through a long down turn in large CapEx projects. This may take a few years to Recover. There are other companies with same forward looking PERs and less risk, and better upside earnings potential, even within the same sector!!

Any thoughts would be appreciated.