not so bad, page-9

Blues and Jamwolf

re one-offs - my thinking is that as a lot of the one-offs of recent years past have been apparently due to dumping discontinued operations and the currency options, they are hopefully genuinely non recurring.

Saying that - my rough numbers are quite superficial - I'm not sure how easy it would be to drill into what is there in the financial information to get a feel for this even if I had the knowledge fo their industry to do so. I think it requires a position partly on how you think PPX will manage the "diversified" businesses, and whether you think this is a good idea or not.

Can PPX make a go of running diversified businesses? Only if they shrink HQ for a start. Gross margins have improved and hopefully resources/costs can be squeezed out of the head office (to cause less distraction to the frontline), and some resources reallocated closer to the front line businesses to do more good.

Who knows what will happen.

I'm thinking PXUPA is looking like a reverse H and S - PPX may follow it up. There is a real basis for the pricing of them now. If PPX stays in the All Ords - even better.