hit the bottom and rebound it will!!!!!!!!, page-3

after market4.30pm: jb were says sell! First the stock collapsed 11c today on the back of a rubbishing from Macquarie analysts overnight.

Now the very influential Goldman Sachs JB WERE have put the boot into this pooch after market. Watch it tank tomorrow and if London doesn't get the Olympics you can expect the UK to hate the company even more:

2. Multiplex {$2.94 -11.0 -3.61%} Upon rereading the May '05 guidance, Nick Vondras says that we believe that our NPAT forecasts (and most of those in the market) have overestimated earnings. This is due to the basis of the guidance being before Preferred Stock Distributions and without regard for the additional funding costs of Duelguide. We note from consensus estimates that we were not the only ones to be forecasting NPAT in the range of $170m for FY05 and $200m for FY06 prior to the update last week (then revised FY05 down to $150m and FY06 up to $220m). We have downgraded EPS by a further -10% for FY05. These forecast suggest that there remains a very poor level of profitability out of the corporation in FY05 and FY06. Even after allowing for IFRS impacts, the Returns and Margins implicit in these numbers are very poor. Given the limited track record of the group in its current form, we find it hard to predict the "normalised earnings" and believe that a low multiple (high yield) is appropriate. Given that Duelguide, Wembley, the distribution policy, long term strategy and risk management are unresolved and the stock is trading above our valuation and on a FY06E yield of only 8.1% (assuming continuation of greater than 100% payout), we retain our SELL recommendation