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CSR - CSR LIMITED


fisher1

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the sold sept $2.78 put position expired yesterday (25c premium locked away now).

 

i still have the long dec $2.78 call position open.

 

Smith Barney wrote em up yesterday pointing to the upside of biofuels and the current lack of production. they suggested that CSR may be able (under a couple of scenarios) to supply some of the (possibly) legislated requirements with some capex.

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ahh IC

 

i would humbly suggest the AFR has a PE which might not really reflect the current position of CSR.

 

announced EPS for 05 was 20.4c

 

using smith barney forecasts

 

EPS for 06 21.7c, 07 22.8c, 08 24.3c

 

they are presuming relatively little growth in earnings ie. mid single digits

 

from my point of view analysts are (correctly?!?) being conservative. sugar has been a difficult industry for a while (using my very superficial understanding) but the signs are there for some reasonable increases in prices which will flow thru to CSR. it is a touch early for them to factor this in but i reckon they have had their first nibble recently. they have flagged biofuels as a potential kicker. if u check the chart i posted for sugar i think this shows the story.

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In reply to: wolverine on Sunday 02/10/05 10:22pm

hi wolverine

yes csr's pe ratio of just 9.5 is a cheap blue chip considering the growth ahead

as very very consevative pe ratio

as csr seems to have a solid growth story ahead across the board

not only in sugar/ethanol

also in the other sectors csr is involved in

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i realise the afr has an eps figure of 31c

 

however this was based on significant items in the last report. the audited pre-sig item eps is 21.9c, the post-sig item eps was 31.3c

 

take it as given you are quoting an eps which does not reflect operational earnings. click on the last report and have a read.

 

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In reply to: wolverine on Monday 03/10/05 10:23am

hi wolverine

very amuseing http://www.sharescene.com/html/emoticons/laughingsmiley.gif

alrealy twice posted below on the pe ratio of csr is 9.5 is a cheap blue chip considering the growth ahead

as very very consevative pe ratio

as csr seems to have a solid growth story ahead across the board

not only in sugar/ethanol

also in the other sectors csr is involved in

 

;

;

;'

 

'

 

never mentioned eps at all

 

cheers

 

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