My opinion shouldnt really count for that much...i'm basically looking at the same info you are. That said, I think they are set for a re rating in the medium term.
There are too many initiatives and new product lines heading into 2003 for AXN to stay where it is. In the short term however the share price may still weaken or just drift.
The most recent announcements reiterate their direction.
This company has very good credentials over nearly 20 years....bar the last 12 months. I wouldnt be surprised to see it get pretty good coverage and recommendations even from long term supporters Huntleys in their newsletter Smaller Companies Guide. Shares Magazine will surely revisit this one in 2003 too. Everything points to it being so much better in 2003 than this year. Difference is that the shareprice has been trashed to current all time lows this time and is not trading at a premium as in earlier times.
There doesnt appear too much downside from these levels, but in reality who really knows?
Long term it looks attractive.
My advice? Read, research, and don't expect too much too soon.
