quick valuation based on profit downgrade

Chariman says 30%-40% down on the full results for last years EBT.
2004/2005 EBT was $18.1 million so that implies 2005/2006 of somewhere between $10.9m and $12.7m.
A fair pe (based on how market has treated similar downgrades) suggests a forward pe of around 9 = equals a sp of about 10c-11c.
Incidentally SSB has forecast 2006 EBT of $27.4m, to arrive at a target price of 32c. This also suggests they will downgrade to sub 10c.