RBS Morgans have slashed the forward estimates by 50% from 2011 onwards and have downgraded from buy to hold. After slashing 50% going forward, their amended 2011 P/E for NOD is 5. That's cheap but obviously no bargain given management have zero credibility now. I dipped my toe in for a small parcel after the big downgrade announcement and will watch closely. In my opinion the senior management have got to go. It will take time to find the right mix though. Not a stock for the faint hearted in my opinion.
Hold a very small position.
NOD Price at posting:
29.1¢ Sentiment: LT Buy Disclosure: Held
