good times ahead, page-20

I'm sure the second half is going according to plan considering they haven't made an announcement to the contrary.

IMO DWS is ridiculously undervalued at these levels.

Just look at the recent half yearly results - NPAT up 29%.

If you take out the share based payments accounting number, profit was up 40%.

Now bear in mind that this is all before the SDM acquisition and the contraction in margin due to the ramp up of the Adelaide office in the first half.

Taking that into consideration, I expect NPAT to be more than double the 1st half result for the full year.

If you look at historic results you will see that DWS appears to have stronger revenue in the second half and profit is usually 2.5 times the first half.

At a minimum, NPAT will be around $22m for the full year.

At yesterday's closing price of $1.37 that gives them a PE of 8.3........

Any other thoughts?