Open your eyes, page-158

Yes, watching in amusement as the SP goes up by 10%, then down 20%, and then back to where we started. Perhaps could have made some money if I had thought about it.

Looking forward yet another year, I can see this years earnings and profit improving in both the Management services and Technology side for the reasons stated in the presentation. My initial back-of-the-envelope calculations show an NPAT in the region of $5m this time next year, which equates to about 1.4c/share or a forward p/e of about 17 at current prices.

A p/e of 17 is undoubtedly cheap for a stock with this growth profile; but countering this, unfortunately, is a long history of execution risk which they need to put behind them for a couple of years at least. On balance I am holding / adding on weakness.