rbs morgans place buy recommendation on lgd

RBS Morgans have just released a 5 page research note with a buy recommendation and 37c valuation on LGD. For copyright reasons I cannot reproduce the report here or even quote sections from it, but I can say that RBS Morgans like LGD because:
(1) The stock is presently "flying under the radar" and is trading on a FY11 PE of 7, a potential 10% yield, and an EV/EBITDA of 5.9.
(2) LGD has exposure to the NBN rollout in the form of an anticipated increase in demand for fibre cables, connectors and the like at new and existing commercial and residential premises.
(3) LGD has significant exposure to the electricity grid upgrades that will occur nation wide (but especially in Victoria) over the next few years.
(4) The commercial construction sector, which LGD is relatively sensitive to, is expected to improve over coming years.

RBS are forecasting an FY11 NPAT of $7.7mill. I assume that RBS would have run this figure past LGD management to check that it is in the ball park before publishing.