LOK have forecast 2003 EBITDA of US$25m for 2003 which equates...

LOK have forecast 2003 EBITDA of US$25m for 2003 which equates to an EPS of 25c.

With LOK's huge growth rate,(Revenues were up by 65% in the 4th Q. 2002) and Japan and the UK forecast to become profitable in 2004, LOK can comfortably justify a PE of 20.This equates to US$5/share and roughly translates to a LOK price here of 42c.

LOK is now, in my opinion, significantly undervalued with huge growth potential and may well signicantly exceed the US$25m forecast EBITDA in 2003.

With its growth rate, revenues for the 1st Q. 2003 could be around US$40-45m.