today, page-2

Well the report is out, no wonder it took so long 104 Pages and pretty complex all in all.

The pleaseing side is the outlook. With no more excessive restructure costs plus no interest the outlook of $5M EBIT looks achievable.

This gives a forward PE (currently) of 6.6, which is well below the sector average. This is before you factor in the divi return of around 7.5% before franking credits (assuming 3cents 09/10 dividends). Also the high chance of a special dividend post the Westpac payout.

All up this makes KYC well undervalued IMHO. I'm thinking a target price of 80Cents is acheivable given a stable market.

4TK