Raw prawn, at $1 the sp would be trading at approx 13 times...

Raw prawn, at $1 the sp would be trading at approx 13 times forecast FY06 eps. The sector is only trading at 12. And as PCG does not have Index Participation yet (ie its market cap is too small) I would not be prepared to buy it at a premium to the market. I would suspect though that ten times FY06 eps is definitely achievable in the short term i.e. 76 cents. Hence I would be looking to lock in some profit anywhere between 76 and say 85. I do agree though that it is way undervalued but probably won't trade at a premium until it makes the asx 200.