still the cheapest stock on the asx, pe ratio of 3, page-11

ds...

Things change...you are refering to an out of date broker report.

They are exceeding expectations on just about every level...as you said yourself, the broker forcast a $2.8m profit for 06 with the upgrades...

They will easily reach this figure withouth the upgrades!

You also appear to be discounting the possibility of growth, either organically or via acquisition.

TOX have good people at the wheel, adding value at every opportunity...this also needs to be taken into account.

Remember, todays price needs to represent the future value of the company...12-18 months out...so the slightest hint of a growth strategy should see this thing move ahead substantially in my opinion. Once the recent history has been washed out and a growth strategy becomes clear, there is no reason why TOX shouldn't be trading at a PE of 10 or more.

Alternatively, given their cash flow, cash at hand and relatively low market cap...one might argue they are a sittng duck for a corporate move.

This situation might be closer than you think...I suggest people do a little digging on Willacy and Tradebe...in particular, recent comments about their "expansionary" plans.

Cheers!