management, page-8

market is completely paranoic....

on half year 9 cent fully franked dvidend or fullyear 18 cents dividend, the gross (unfranked) annual yield will be 20% on a $1.27 share price....

looks like Macquarie has put the mocker on the stock..

Broker Date Rating Recommendation Target Price % to Reach Target
Macquarie 01/05/2008 3 Downgrade to Neutral from Outperform Target $1.70 37.1%
The broker has received feedback from the industry suggesting tougher times can be expected and as a result it has lowered its earnings estimates in coming years.
This flows through into a downgrade in rating as any turnaround in the company's operations is now expected to be more drawn out than previously thought.


JP Morgan 29/04/2008 1 Overweight Target $2.24 80.6%
With business conditions getting tougher the broker sees scope for demand for recruitment services to ease in coming years, which suggests a more difficult outlook for the company.
To reflect this the broker has trimmed its earnings estimates but with the company having low gearing and offering an attractive yield it retains its Overweight rating.


ABN Amro 28/02/2008 1 Buy $2.40 93.5%
Target $2.40 (was $2.84). Earnings for the period were in line with expectations and the Lloyd Morgan operations appear on track for a recovery.
Minor earnings changes follow the result but the broker remains concerned about macro-economic headwinds and so has cut its