45% gain in the past year (or 60+% if you bought in the August...

45% gain in the past year (or 60+% if you bought in the August low). I'd say that's a reasonable price response within a solid year. Sorry if you missed the up-tick in the 4 months from Aug to Dec, but I actually think it's somewhere about fair value at present. They've a fair bit of debt, but covering it well, and they're PE is high-ish at around 50. It's all good, but I don't think it's significantly undervalued anymore. Would like to hear other views and research however.....

mutineer