BSA is looking very good IMO. The market has massively over...

BSA is looking very good IMO. The market has massively over reacted to the loss of the telstra contract, which, at worst, is likely to result in a flat FY09. But given that FY08 is conservatively expected to generate a NPAT of $12mill, a flat FY09 still means a profit in the region of $12-13mill. Based on these conservative numbers, BSA is currently trading on a FY08 earnings multiple of just 7.5 (FY09 7.4). In this market, and given BSA's strong cash flow and balance sheet (minimal debt, despite the recent Triple M acquisition), a forward earnings multiple of 15 is easily justified. On this basis, I see plenty of room for a 100% gain for the this stock over the medium term (roughly, the next six months).