There weren’t many surprises in the AGM comments of GWA managing director Peter Crowley. Despite market conditions continuing to soften and a poor NSW market, Crowley expects to report 2007 earnings before interest and tax in excess of last year’s $95.2m, although further restructuring charges are likely. The group continues to look for buyers for its Rover and Sebel divisions, and any sale would reduce the net debt-to-equity ratio of 34% still further. With the stock up 19%, there’s clearly less value than in issue 208/Sep 06 (Long Term Buy—$2.95). We’re switching to HOLD.