57cps in 07 using 10 pct growth, page-5

orlando,

what you say makes some sense.

plse not though that youve used an EPS figure of 52cps which is 2006 (todays figure) which becomes the new historic EPS!

EPS you should use is 57cps for 07!

Seems like you just made a mistake with the EPS figures.

NOW plug in your p/e assumption of 22 and we get 0.57*22= $12.54.

At a forward P/E of 20 we get $11.40

At a forward P/E of 24 we get a whopping $13.68 which seems a bit rich for now.

youve definately made a few points though regarding the stock being a tad undervalued given that P/E has been hovering around the 20 mark for some time

Unless we've missed something in the report, youre right in saying that there willl be greater inflows by investors and fund managers into the stock in the short-term.

the 21 cent dividend and 40 cent capital are enough of an incentive for people in the know