just bought some of these, page-6

Revenue at my estimate will sit at around $350,000,000 for 08/09FY, net profit at around $30million.

At fifty cents, given the roughly 50%,25%,25% split in revenue between the three divisions DCC, Delco and WM respectively, the market is placing a value of $12.5 million on Delco and WM with $25million on DCC which significantly undervalues these business units on a revenue basis.

Delco and DCC's net profit will be protected to a degree by further cost cutting measures that can be put in place between the two companies if revenues fall.

Current low gearing will help WDS though these tough times too.