mnl up another 11 per cent on a big down day, page-9

There has been lots of negative press recently about the credit crisis and how the recent interest rate rises are going to result in a consumer downturn - Two things to note about the MNL
a) The ozlotteries side of the business does well in any economic climate ...like beer and cigarettes consumers always find the money for lottery purchases

b)The software publishing side of the business is not reliant on discretionary and lifestyle purchases which tend to suffer in economic downturns - MNL with their core Internet Security Products have items which are essential in problem free use of the Internet.

Another thing to note is that with the software publishing and distribution side of the business that to counter any consumer downturn is to increase the range of products and the number of stores they have these products in - They are certainly doing this through todays new agreement with BIG W, the new Harvey Norman OFIS stores coming online in march and recently JB Hi-Fi announced aggressive program of opening up to 150 new stores ....It is all systems go for them as far as new outlets are concerned !!!

The good news continues but as yet the shareprice hasn't yet responded - eventually all the the low ball seller volume will be soaked up . In the meantime, rest assured, buyers getting in at these levels are getting in at a bargain price.
You will also have noticed that they continue to buy back their own shares - they obviously believe they are excellent value.

Unlike some of the (highly geared!) younger guns around these days, the MNL team is a prudent management team that has been through a couple of significant downturns over the years and still come up trumps !!