Val,That is a good effort.I see the merits in your analysis....

Val,
That is a good effort.

I see the merits in your analysis. Your analysis did not take into consideration the negative impact of the miserable Relenza royalties in the 1H.

I believe the sp will reflect the 2009 accounts when it is released. I attach here my guestimate of the 2009 accounts. I welcome others (Especially Moreld as I know he is well versed in such financial analysis).

I am using a PE of 12x which I strongly encourage others to comment and criticise whether this is appropriate. I am using the PBT. Others may like to use the Profit after Tax.

I hope the “image” upload properly.

[IMG][IMG]http://i694.photobucket.com/albums/vv308/aboboabobo/2009%20forecast/2009Forecast.jpg[/IMG][/IMG]