oversold

HHL seems well oversold now to me. The fall in the dollar has largely cushioned the effects of market sell off on the investment holdings.

Current EBIT from operations (ie profit from investment management less donations) is $15.3 million.

If you back out the net value of the cash/financial investments of $0.80 per share, then the current EBIT multiple is around 5.6. Even if you assume financial markets dont improve and have a 10 per cent lower EBIT for FY12, the multiple only increases to 6.3.