Most of AAX work is off shore of australia these days and the...

Most of AAX work is off shore of australia these days and the most recent two acquisitions have been in the US where the economy is picking up.
Correct to whoever mentioned it earlier- similarly to how the higher AUD affected profits in years previous, the falling AUD should provide some upside.
Definitely a case where SP has been affected by sector sentiment and been dragged down by peers. If AAX hit their forecast (no downgrade as yet), I cannot see why this would not storm back past $3+.

I have been in an out many times- but at present p/e this appears to be a no brainer.

Cheers
Spek