ctl - factors, page-2

Fundamentally still overvalued in my opinion.

The '04 Final' report should show a drop from 03 financials and this may see further weakness - especially if dividends are suspended.

The real question will be the outlook and how CTL is progressing thus far with its growth strategy.

Don't get me wrong, this is still a reasonable company whose shareprice could rise, but there are several risk factors that could negatively impact in the medium term.

Regards
Beefheart