yeah look, the sale of land as they alluded to will provide an...

yeah look, the sale of land as they alluded to will provide an extra 8mill. 8mill/68mill shares = 11.7cents per share

So 'normailised' EPS from operations will increase by 11.7 cents per share

So work out the EPS from that! its over 30cps

On a notmalised basis, if theres a recovery shaping up,then core biz should remain strong and the cash position will only get better with the extra 8mill from the land. More cash means greater potential for expansion of biz via takeovers or higher divvys or both.

the core biz should get stronger and grow if weve seen the worst. Theres plenty of business on the books , and they said that they need to partner up with a bigger player to take advantage of their growth.

Thus normalised EPS should grow and normal EPS will include the extra 11.7cents per sharre in earnings. Of course we dont know what the CAPEX will be ??? They might do a takeover of a similar sized or a cpla smaller businesses.

End of day it looks like 2010 will be a better year and PE on current EPS (historic EPS) can EASILY grow to above 5 and closer to 10 (say historic PE of 7)

So thats a share price of over $1.50 on current EPS

Another way of looking at it , is say EPS of circa 20cps on core biz PLUS the 11.7cps extra on sale from land = 31.7cps EPS

OR

lets say they make 16.5mill before tax ala this year PLUS say 15% growth in that number = 16.5(1.2) = 20mill and pay tax of 25% = 20mill(0.75)= 15mill

thats 15/68= 22 cents per share EPS

ADD to that 11.7cps in selling of buildings/land = 33.7cps

0.337* forward PE 5 = $1.70 target price

On a mormalised business opps basis your looking at 22cents EPS muliplied by say PE 7 = $1.55

So I see the share price heading to $1.50 over time, probably $1.20 next stop then heading to $1.50 over time