ABN AMRO Morgans (who have visited the site in Tassie):2008/09...

ABN AMRO Morgans (who have visited the site in Tassie):

2008/09 Forecasts:

Revenue 185
Less:
Costs of Sales 65
Operating Costs 8
DDA and Impairment 19

Pre-Tax Profit 93
Less: Tax 28
Net Profit after Tax: 65M
EPS: 8.4c
P/E at $1.00 = 12

Seems more than value to me. If ZFX have to pay for all the future "blue sky", then what's the point in buying AGM. there are risks associated with the ABN figures. That's why $1.00 is more than fair. They are paying 12 times projected 2008/09 earnings. I wouldn't be paying one cent more.