nice chart in front of results, page-9

re: hotter - pe of 10 In announcement today mph forecast npat for 05 of $6.65m after stripping out bkr share sale profit. Sales increasing to 45m, only 12% up from 04. I feel they are being very conservative in their fcast - better to surprise on the upside! - esp with their new following.
I dont think many shareholders are here for 12% sales growth in the dvd sector - maybe in a few years time but not now. you need to put your own estimate on the sales growth. npat margin should now be around 15% given that they will no longer be sharing with bkr. Ok - might be some added expenses in 05 due to bkr deal in which case its getting closer to 11.