Blue Ocean values at 30c near term, page-108

Mr Kahn, your insights are a rare pleasure amongst the incessant winging and teeth gnashing on this forum.

Turnover is increasing and profit is increasing. The fact they are spending some profit investing for future growth is sensible. They have been spending well within their means and have been relatively frugal in relation to the opportunity return for this investment.

They have started their international expansion conservatively ( Singapore and Swisscom) in order to make sure it works. From the evidence presented at the AGM it surely works. The other international opportunities are all lined up and will be started in due course but it is supremely important that MBE focus on the UK roll out and get it nailed first time. They will be judged on their results in the UK and this will have a marked affect on the share price and the long term belief in MBE.

They are using conservative accounting methods and are still only valued on a current PE of 20, the forward PE could be 10-15 for FY15. If they had used more adventurous accounting methods they could be reporting $3mill profit for the H1FY15 and have a PE of 10 or less.

I am quite happy with MBE progress. Give credit where credit is due!

I reckon the Bell Potter team are buying, and when they have their fill they will herd their sheep into the MBE pen. Call me cynical but some punters can't see the wood for the trees.

Now please Mr Kahn put politics aside for a few weeks and come and join your cricket team because they need you!!