15c here we come!!, page-3

CNN Money quotes around 8 for LOK's P/E but I can't understand their methodology. The final quarter of 2002 had a once-off gain caused by the favourable arrangement with British Telecom over BT Looksmart.

If they continue with 3c eps per quarter through 2003 then the P/E ratio looking forward is more like 17 and falling. The outlook still looks good to beat that 12c eps pa except for capital needed to bring the UK and Japan businesses into line.