RE: Analyst projections It gets better than that: 2013 CF multiple is less than 2:1, 2014 CF multiple is less than 1:1. Since much of the difference between profit and CF is depletion of fields as you produce them, these are non-cash items and the company should be swimming in cash. IAE is one of the most compelling stories in any sector going forward. I picked them in 2008/9 at the bottom because management showed prudence to get them through the tough times when others were going under. I've stuck with them because management has shown they intend to grow production without risky levels of debt. I'm expecting to see $4+ next year.