Agree - PE is about 20. I put this down to the fact that in many...

Agree - PE is about 20. I put this down to the fact that in many ways it is still a recovery stock and expectations are high. I was hoping to get back in sub $11.00 but gave up and got in at $12.05 last week and I topped up again today at $12.01. I am happy to hold for approx 10 weeks for the 2nd half results. Today was my bad news day cut off. That is if your numbers were going to be disappointing for the 30th June then you would get it out by the end of May. As that has not happened (any MGC or FLT share holders out there?) I believe the numbers should be well up on the second half of last year. I am going for a same store sales number of 4.0% with a NPAT margin of 2%. This delivers a full year sales number close to $800m and a NPAT number of $25.7m. (This is before the distribution $7.5m w/off).

IMO this should drive the share price to $14.00 (it was there not long ago) and depending on market sentiment and future outlook $16.00 could be hit.
I still don’t like the new Distribution Centre given the cost involved and the return but I guess the best I can hope for is they don’t stuff it up. If nothing else it’s a big bastard! (I drove past it last weekend & yes I have to get a life). It certainly is in a great spot for a Distribution Centre (Close to all the major Freeways as well as the Port of Melb) but I just wish they were not doing it now.

Anyway onward and upward.