Nearest the Pin, page-3

Just to back up my share price numbers.

NPAT $25.7m divided by 28.859m shares =$ 0.892. The PE ratio for the market is a tad over 18 and the sector close to 19 (too high but that is another story).

So you are looking at $16.00 (18x.892) SP. TRS is over 21 PE so upside to be had here.

Of course the unknown is how the market will react to the DC. They have done a poor job in selling this project but I expect them to release a lot more detail on this with the results. I assume the project is DCF positive (if not why the hell would you do it) so lets say you could have a + or - $2.00 SP movement depending on the details released.

Anyway guess time will tell - always does.