oh oh, page-11

I'm getting in. Shares seem to be value at these levels.

SGM capped at 6.23Bill and on 20 Aug provided update of earnings forecast of $410mill (above expectations)

CMV capped at 176 Mill and if they earn same margin, should report full year earnings around $11.5mill. BUT given they earnt $7.4million in the first half and Sims reported stronger trading conditions on 2nd half, I expect that earnings should be $20Million easily (maybe 25), with plenty of cashflow.

Lets hope I'm wrong about Meritec, but based on your opinions, and assuming they know more about it than I do, at worst its neutral for this period.

Historical PE of about 8, forward much lower.

If they report as they should, shares will fly.