Ann: Change in Substantial Holding, page-8

Interestingly last year the reported PBT of 46.9 m And the share price was 2.40 and rose after the announcement . The results where accompanied by positive comments about the future . This year after the upwards revision that are guiding towards 39m PBT , and the currency movements will probably take NPAT up to last years results and the SP is 1.14. It really shows you what sentiment can do to the SP . This simple comparison highlights how cheap it is today . Not suggesting it’s worth 2.40 but it certainly is worth more than 1.14. A SP of around 1.50-160 is reasonable Imo and it fits well into morningstars fair value target of 1.70