STOCK CALL: CSR

Number of shares outstanding:887 847 500 (as at 09-11-06)
Looking at the HF06 Figures:

Business Segments -           HY06                  HY05
Building Products                   34                       44
Aluminium                              33                        32
Sugar -Milling                         40                        22
Sugar - Ethanol                      10                         7
Property                                   9                         31
                                               _____               _____
                                                 126                    136
Net Finance                           (18)                    (14)   (interest payments)
other expenses and rev.      0                         (8.2)
                                              ______               _____
                                               109                     114
Down 4.5% from pcp.


Now, looking at these figures, it property sales were about the same as last year, then Profit would be at least or better than last year.  The important sectors are Sugar, Aluminium and Building Products, which all did quite well.

My Sector Profit Figures for FYEM07

Building Products         60
Aluminium                    70
Sugar                             90
Property                       75
Corporate                    (15)
                               -------------
                                      280
Finance cost                (38)
                              --------------
Profit                            242

eps    242 000 000 / 878 000 000 = 27cps

Expecting sugar price to be in the range of $355 to $380 per tonne (avg 12-15cents per pound).

27 * 14.5 = $3.91 fair value

**TOTAL DEBT is $791 m - on profit of $250 m will take 791/250=3.1years to pay off which is comfortable.