CWY worth 95c, page-10

A vigorous re-pricing today. All holders will be pleased by the profit report - and clearly, there is more to come.

CWY is now trading at 0.81 price/book assets, so it is still undervalued by that measure.

On landfills - a key element in disposal, an ideal use of capital and an important point of difference to other garbos - the Erskine Park Sydney land fill will close late next year, so we can anticipate activity to replace it. I expect CWY has long term land fill strategies for all cities it operates in, as planning and permits for this use take years. Bit of landbanking is in order.

GLTA

Ash