Aren't we in the middle of a push slips. Mind you we are close to half the price as the same time last year and it looks like being almost identical in terms of numbers.
The only difference this time is that there is no blue sky with NBN, it's a known quantity with contracted revenues considered in the year/years ahead. Therefore future FY12 earnings don't seem to have the same shine as the future FY11 earnings.
The market is down 13-15% from that period, there is not as much "kapow!" expected for next year's earnings so taking our current 5.8 P/E and a repeat of last years earnings - we may see the SP drift higher . If we repeat earnings and the P/E was to drift to a 7 we could see an SP of 0.42.
I don't see 42 cents being out of the realms of possibility.
SSM Price at posting:
33.4¢ Sentiment: Buy Disclosure: Held
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