Wow, didn't really expect that upgrade. Fundamentals still look attractive, in my view.

FY10 NPAT normalised = $12.9m ($10.5 midpoint + $2.4m abnormal costs)
EPS = $12.9m / 191.4m shares = 6.7c
PE = 68c / 6.7c = 10x

FY11 NPAT should also be a step up to around $15m - $16m.
Plus the company's debt position is likely to be further reduced.

Disc. Holding