40% of sales made by BBG are overseas primarily in USA. BBG anticpated a 'flat profit' for FY10 based on AUD at USD83c. Today's hike in interest rates combined with poor retail in USA, Europe and S.Africa will make it very hard to reach this target profit. I expect the AGM on 27/10 to give a reduced NPAT forecast for FY10 hence reckon BBG SP is too high and extended my short position at 11.52. Difference between 83c and 91c=almost 10%. Will/can AUD reach 91c?? def DYOR
BBG Price at posting:
$9.13 Sentiment: Sell Disclosure: Held