onwards and upwards, page-12

re: baillieu estimates Today's report from E L & C Baillieu (in part) "We expect Mondelphous to record an operating profit of $27.0m for the June 2006 year, a 59% increase on that of 2005. A significant portion of the operating profits from the contracts won since January 2006 will be reflected in the June 2007 results. We expect the after tax operating profit to approximate $37m for the June 2007 year. The EPS on such a result would approximate 47 cps. The MND shares are trading on a prospective P/E multiple of 20.1x for the June 2006 year and 14.9x for 2007. Despite the rise in the share price over recent months we still see this stock as a BUY.