Pcocley,Is Fellowes, not fellow, unless you mean in the...

Pcocley,

Is Fellowes, not fellow, unless you mean in the dignified sense "I say, my good fellow", which you probably meant, and so I accept.

(Is joke).

My comments are relative.

On growth, a swathe of Euoropean and Aus local governments are increasing health spending as % gdp (only the UK and Spain are going backwards on that measure last 12 mo)



(Just had to add that in, what spaghetti!)(source nytimes)

On quality, yes, ISF have had issues, but less than would indicate systemic issues, just 'normal' production issues imo.

Cash, yes, prior is -ve, but no, I see 1H11 being +ve to neutral and FY11 cash being neutral. Partly lack of appreciation of AUD against Euro zone currencies (unlike US exposed industries) keeping FX pressure off receipts, partly cost savings, partly incremental sales. Issue would be bank initited equity raise to protect DCR's (Interest/op cash flow).

5. Well, a little challenge is a good thing. But absent USD exposures and avoiding major pressures from customer base for service or price cuts is not bad (IMO) at this stage in the cycle.

Fundamentally, is (to me) a recovery story, so will the medium view (2-3yrs) be OK? For me, yes.

Regards

f111

and, no, is not collaboration, I was just trying to bring some (broad brush) analysis