Thought that target value of 80c was a bit off the mark , Looks...

Thought that target value of 80c was a bit off the mark ,
Looks to be getting pretty close to a hold for the long term (if all the big sellers are out )

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BUSINESS DESCRIPTION
Computershare provides technology systems and services for the international securities industry. Its core
services comprise the provision of stock exchange and broker systems, registry bureau services and professional share registry services.
STRATEGY ANALYSIS
CPU posted a 1% increase in EBITDA to $73 millionfor the six months to 31 December 2001, despite the
increased revenue of 56.9 million.
The increased revenue was nearly offset by an increase in operatingexpenses.
Despite the achievement in cost efficiencies and head count reductions for registry operations,
operating costs still grew by 54.3 million or 20% over the pcp.
The increase in expenses mainly accounted foran increase in direct services expenses of 36.4 million
and a significant increase in technology investments for establishing the SCRIP system in the North American and Hong Kong of 16.8 million.
Computershare has been pursuing growth via acquisition and alliance on a global basis.
Targeting expansion in Europe, in December 2001, Computershare acquired a 49% stake in a new joint venture that will provide their computerised share registry system SCRIP to DeutscheBorse"s clients for trading and other services inGermany. It is intended that these services will later be
provided to other Europe.
In November 2001, Computershare announced that itsmajority-owned South African business has, subject to regulatory approvals, agreed to acquire the securities business of Mercantile Lisbon Bank Holdings Limited inSouth Africa. Substantial economies of scale areexpected to be derived by the merging of new businesses with existing operations.
Analysts continue to forecast strong growth. On a PEmultiple of 20, Computershare is undervalued