$12 by Easter

The $10 by Christmas has already been achieved.

Barring unforeseen circumstances, SIV will hit $12 by Easter, due to the following:

(i) Reading through the Chairman's report, it should be obvious that Allan English is on a high. He's too sensible a guy to be on a high without good reason. Few Chairmen address their shareholders with "It's my great honour..." unless they're deluded, pulling the wool, or they can see the future unfolding exactly as dreamed..

(ii) Compound EPS growth for SIV since listing a decade ago is 18%. Ordinarily, this figure makes companies appear better than they really are because the compounding is almost always from a low base. But Silver Chef continues to grow at this 15% - 20% p.a. rate. That points to an extraordinary business.

(iii) Extraordinary businesses should eventually be accorded an appropriate PE multiple. The current multiple of 15 is too low.

(iv) My previous expectation of 60c EPS has been confirmed, even after the $1m writedown is taken into account.

(v) It's all blue sky in GoGetta. They've got the light commercial market by the balls. (Although there's been no mention, my bet is that SIV will in future years muscle-in on the enormous business motor vehicle fleet market.)

(vi) There's hardly any competition in the Canadian market. Coupled with Silver Chef's firmly established business model, it's easy to see Silver Chef Canada eclipsing Silver Chef Australia in the next 10 to 15 years.

(vii) This is even before GoGetta is established in Canada....

(viii) ...and before Silver Chef extends its tentacles into any other country.

(ix) Much of this will be confirmed at the end of February.

(x) Fund managers might be a little slow, but collectively, they're not completely stupid.