I am with Z_man on this one. - PE of eight already factors in...

I am with Z_man on this one.

- PE of eight already factors in the worst
- They have excellent client relationships
- Cash flow for FY08/9 will be very high (>$8m)
- Thus gearing of 40% is no major issue
- Motivated shareholding management team (family)
- Twenty years of revenue growth
- Great buying for Graeme Hart (Carter Holt) or Amcor
- Boring enough to go under the radar
- Generous and growing dividend (although I would just as well see them pay down debt with the free cash!)

Just my 10 cents worth.

Current price 54 cents.
Target price 70 cents.