how low can it go??, page-4

a bit of simple maths may help explain why BRZ looks so "cheap", and arguably why it should be a darn sight "cheaper":

(a) 6 mths to 12/2002 BRZ reported an NPAT (pre-abnormals) of $18.8 mio.

(b) 12mths to 06/2003 BRZ are forecasting an NPAT (pre-abnormals) of $12 mio


now, (b) - (a) means that in this current six mths BRZ are going to make a substantial loss. On a tax adjusted basis I figure they will lose about $10 mio.

one helluva turnaround in six mths, and not hard to understand why their share price will remain under pressure until management can reassure investors they are back in control.