buying opportunity, page-8

When the dual-listed entity was set up the company was split 60:40 Aust:UK, equating to about 3.6 billion shares here and 2.6 billion over there... since that time the Aussie listing has had a couple of share buybacks but retains it's 60% share, hence the higher value of the Aussie listing and the shares on issue now showing less than 3.5 billion.

Assuming my ratios are correct, $10.4 billion US equates to about $8.2 billion Aussie dollars attributable to the Aussie listing... or about $2.35 per share. At about $27.50 that's a P/E of 11.7, at $30 it's 12.7 and at $35 it's 14.9, not out of the question given it's earnings growth going forward.

If fromthefuture is still with us at this point, a share price of $20 equates to a P/E of 8.5. Hmmm.