P/E=171 much too higher, page-19

raising capital to buy a business (or just buying businesses) is the easiest way to blow your business and destroy value too. Look at SGH!!! Peabody and Whitehaven, RBS and ABN Amro, Lloyds and HBOS, Flight Centre and its US business the list goes on and on.....ITs the lazy way of growing and lots of times they end up over paying. Companies generally buy businesses as they have run out of internal growth projects.

read my other post why i think the capital raising is very good for existing shareholders.