This is from the latest Ord Minnett March newsletter - they have...

This is from the latest Ord Minnett March newsletter - they have increased their valuation of IDL yet again and have a solid 'BUY' on it:

Industrea Limited (IDL) ($0.365)
Recommendation: BUY
Risk Rating: High

Profit upgrades continue

Industrea is headquartered in Queensland and
comprises a group of companies primarily involved in
the provision of mining products & services, with
diversifi ed revenue streams arising from construction,
asset management and engineering services.

Following the excellent result for the six months ending 31 December, and a particularly strong outlook statement, we have again upgraded 2008 and 2009 forecasts, having already upgraded twice since December.

Net profit after tax for the half was $7.4m, which is a
remarkable turnaround when compared to the $0.2m
loss for the previous corresponding period.

IDL has upgraded its market guidance for 2006/2007 profit from $12.3m to $14.9m, predominately as a result of a one-off $2.6m gain on the revaluation of acquired assets.

A key aspect of the half year results release was that
IDL is again on the acquisition trail having now bedded
down the PJ Berriman acquisition.

We have also increased our valuation for IDL from $0.44
to $0.51 per share.

IDL remains inexpensive on an earnings basis when
compared with the broader market, with a Price to
earnings ratio of 12.9 times 2008 forecast earnings.
Given the low earnings multiples and the 25% discount
to our valuation, IDL remains a Buy.