SP has been sitting around the 1.60-1.70 mark for a while now, has the market priced this as low as it's going to go? Pick up in building consents in the news today led by Auckland and Chch. With full year results released within the month, and earnings already expected to be at the lower end of guidance, is now the time to buy? Cav have cut the fat off their operation in the last few years so who margins are expected to improve. Slow Australian recovery is a risk, but is this already priced in?