sellers gone buyers coming, page-13

CMV is trading on a forecast PE ratio of just 11. All of their profits for the first half came from the trading division, which based on commentary is experiencing strong growth and will do so beyond 2008.

The management of CMV are of the highest calibre and they have recently signed up some ex Sims Group guy. They did have a hickup in their first year of listing, but based on half year results and commentary I believe these issues are behind us now and have been managed superbly.

Contracting division should contribute to earnings this half, and with continued growth in trading division, plus prospects of another major acquisition this is a bargain, even at 50c.

Good work guys for identifying this one early. I hold.