npat has jumped

Perhaps Decrespiny and his syndicate were just chasing value when they bought into Iluka. Iluka has earnt 75 mill in 6 months. Their forecast only a few months ago was to earn 89 mill in all of 2005. They are currently reviewing their full year 05 NPAT and expect it to be slightly less than double say ?140 million?- & possibly much higher if the aussie dollar tumbles. If the company were a take over target and it sold at an earnings multiple of 19 (a figure which many people seem to use). Then who knows ($140mill X 19)/approx. 233mill shares = $11.42/share could be the T/O level. This doesn't even take into account new production from zircon & rutile rich deposits in the Murray and Eucla Basinsfrom late 2005 early 2006 or increased iron ore royalties or a drop in the aussie/us currency crossrate. Anyway I'm not trying to sell anything I'm just trying to convince myself of their value or not. I suspect most people think its' all a product of Chinese growth and when that slows then demand for commodities will drop? Comments would be appreciated.