price attractive esp if tenders eventuate

I bought some SDM on wednesday 03/07 for $1.40. At that price has FY12 PE of about 7.7. That's below my cutoff of 8 but what clinched deal for me is:
a) has 50m cash in bank
b) Good recent track record of increasing margins/keeping costs under control.
c) #1 bulk commodity infrastructure specialists.
d) Set to pay exc divs totalling 10c ffr for FY12.
e) Sorted management problems that plagued company last FY.
f) Skaffold rates SDM as 'A2'. That's very high ranking!!

The big unknown is the 'pipeline'. SDM state a pipeline of well over 3Billion over next 3 years. But 'pipeline' can become 'pipedreams'. However, they are very highly regarded so reasonable to assume SDM will willtheir fair share. Contracts are far better wordered these days to include unforeseen price increases. hence, I'm expecting earnings to rise by about 15% in FY13. That combined with good result&final div in August should see SP pushed back to about $1.80. In current woeful climate that's a decent return over the next 6-8months. Of course another GFC will take the wind out of every company's sail.