I'm hoping that ETC will start paying plenty of dividends at...

I'm hoping that ETC will start paying plenty of dividends at some stage soon .

but regardless.. let's do some adding up

$48 mill NPAT FY09 (now)
$80 mill NPAT FY10 - i.e.12 months from now
say $100millNPAT FY11 - i.e. 24 months from now
-----
that's $228 mill in cash just 2 short years from now.

Market cap is about $180 mill !!!!!

so it'll more than pay for itself in less than 2 years time.

You can say it's effectively trading at a forward p/e of 2x.

there's some forecasting involved above - but to me looks like a much safer bet than say BHP which is trading at a forecast p/e of 20x or more.