trading on 2007 pe of 7 and 2008 of 3

based on asx announcement from 15 Sep 2006 directors indicated profit before tax of $932,000. tax will be zero on earnings as they have write off's to offset against.

2007 ebitda estimates were $2,900,000.
interest and depreciation estimates for 2007 will be $1,970,000

with only 196 million shares on issue this means that aws are earning about 0.5cents per share in profits.

at .5 cents per share aws is on a forward 2007 PE of about 7.

in 2008 guidance suggests $3,900,000 ebitda. if we assume interest and depreciation are similar then aws will be making about 2million in profit before tax. write off's again will limit tax to nil.

this means aws will be earning about 1cent per share in 2008

when you see that sales are booming and new stores are opening you can bet that earnings will exceed forecasts. i will say it again this is the cheapest minnow on the asx with a market cap of only 7 million and i ask anyone to let me know a cheaper earning minnow out there so i can buy it.

this is the next tox there is no doubt about it and the smart money is accumulating at these levels