Volume ....thers institutional interest in this share !!1Its probably some book overs - so theres even more interest - I did my own piece on comair see below - I still think they worth over 4 and the current levels offer a good buy opportunity - i would accumulate My table s a bit screwed here - but simply put if they achieve the earnings expected in the latter half - which is to June 2007 Then over R4 is my bet if you want table in excel word let me know !! February 2007 ComAir - Buy COMAIR Listed in 1998 the share languished and persevered while facing unfair competition from the government owned competitor. Maybe its just coincidence but not long after SAA was found guilty of unfair practices the fortunes of Comair have slipped the surly bounds. Not too long ago shares could be purchased for just over 50c. Increased turnover and profitability coupled with tight control of costs has led to renewed interest in the counter culminating in Bidvest's recent purchase of a 20% stake. Half year earnings to 31 December 2006 of R 52m (R27 m) reflected in the current interims are up a whopping 92%. If earnings are maintained to year end the counter should achieve 26.2c a share in headline earnings and a prospective pe of 13.1 based on today's price of R 3.45 - Not withstanding a correction in the market and a re-rating of the risk the counter will again be in demand if the stellar performance can be maintained through the latter half of 2007 and on to 2010. Analysing the first and second half earnings over the last three years (see table below) it appears that the second half-year outperforms the interim stage by a fair margin. Maybe this is just conservative accounting in that the group wants to avoid disappointing shareholders at year-end. The fact that there has been a drop in the oil price should see jet fuel down a fair margin and thus further supporting Comair's cost cutting measures. Comair Interim 2nd half Full Year 2nd half % of full Y /EJune-07 13.10 ?? ?? ?? Y/EJune-06 6.70 13.00 19.70 65.99% Y/EJune-05 5.30 12.91 18.21 70.90% Y/EJune-04 -1.40 13.50 12.10 111.57% Assuming 50% in latter half 65% in latter half Consider Current Price 3.45 3.45 First Half Interim earnings 13.1 13.10 2nd half 50% of full year 13.1 65% of full Year 24.33 Final earnings 26.2 37.43 Current PE 13.17 Prospective PE 9.22 If the market continues to rate the counter at its current earnings multiple (13) and based on the assumption that earnings will increase in the latter half the price should easily breach R4.30 before long and with 2010 on the horizon Comair should fall into the category of soccers "euphoria stocks". Fasten your seatbelts. Sparrow