NPAT is just one metric. Yes it's been only circa 4% (and I say...

NPAT is just one metric. Yes it's been only circa 4% (and I say only 4% without knowing this industry well)but on the positive side it's been consistent. The company has consistently made a profit (except 08) and the last few years have been quite good in terms of revenue. Heck, there's stocks out there > 0.50c which don't even turn a dime.

You speak of BYL as if it's a producer or explorer about to be hit big time by the "WA slowdown". Look at the latest project work won + schedules, > 300M revenue is achievable in FY15. Although they provide services to mining etc, land always needs developing, roads need building etc so I wouldn't buy that populous "slowdown" dogma. Maybe in the years to come it'll be an issue, but that depends how far out your speculating.

Debt isn't too bad, D/E again consistent over that last few years. Sure growth in all areas is better, but in this case I read consistency as a good thing that reduces downside risk. The bottom line is, given the FY15 outlook, do you think it's undervalued at 0.38? I do. And given the recent downturn in price hopefully most sellers have been washed out which makes it an even better prospect.

"This company only spells RISK to me"
Well as William Greenspan said, "We're in the risk taking business"