the cdr turn around has begun, page-14

Looking at the address, they are forecasting roughly the same EBITDA as last year.

Last years report shows interest of about $20mio and DA of about $40mio. Reasonable to assume that this years finance costs have increased significantly (general interest rate increase, increased debt and also bank's have probably increased their lending spread)- I calculate an increase of around $4mio.

Given they had a loss at the operational level last year of $13mio (before tax write-back), then IMHO they certainly have a lot of work in front of them

The outlook for 2008 is very long on comforting expressions such as "ahead of forecast", but very short on detail.

I am resisting temptation to buy some until the water is a bit clearer.