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    Spectacular numbers if they hold for the full year.

    Revenue up 50% in 1st quarter
    EBIT up 40% in 1st quarter

    This suggests a slight narrowing in Gross Profit Margin from 26.5% in 2007 to 23%-24%

    Revenue looks like increasing to at least $85m, but possibly up to $95m.

    If this holds we are looking at NPAT in the range of $22m - $25m

    Or an increase of 30% - 50% on 2007

    That puts them on a 2008 PE of 15 to 16.8 at the current price of $2.80.

    This is ridiculous considering they have superior growth prospects, we could possibly expect further growth of 25% in 2009 and 15% in 2010.

    IMO the new price target is $4 minimum.

    This gives them a forward 2009 PE of just 20 on projected earnings growth of 25%.

    This 25% number for 2009 could also prove to be conservative.

    I'll continue to hold.

    What does everyone else think?
 
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