On the last point , I think we have to disagree. First half...

On the last point , I think we have to disagree. First half result and seasonality suggests a 10% -15% lift in full year earnings is highly probable which puts the forward PE at around 10 times. For a business that has a strong balance sheet , a lean operational profile and a growing earnings base , a PE of 10 is extremely undervalued both on an absolute and relative basis . A PE of 15 would be more in line with peers and still less this the market and that would give a SP of 60c . As I said in a early post , GAP seems to me like the kind of stock that will deliver a balance of income , and SP appreciation over the LT. Can't see any reason why one would sell unless is overshot valuation and went to 70c over the ST