BH - I can understand your EBITDA calculations, however have you considered the cost savings that Management has initiated?
For example, in 2008 Admin, selling and marketing expense amounted to approx $300mil. First quarter 2009 this expense was reduced by 34%. Lets extrapolate to the entire 2009 and use 30% reduction. This amounts to $90mil that would go direct to the bottom line.
Furthermore, inputs such as steel, diesel and labour have also reduced.
Based on these assumptions, EBITDA for 2009 could easily exceed $100mil or $0.06 per share.
Am I missing something here?
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