Go you good bees, page-66

Interesting that the market consensus for fy16 eps of 122 is still 10% above the boards recent guidance of 111 (midpoint of range 108 -114).
http://www.reuters.com/finance/stocks/analyst?symbol=CZZ.AX

The 3 analysts (one of which is morgans) are perhaps holding off on downgrading until after the cr is completed and the div is locked in.

The obvious question is what will happen in July when the 40c div lure is gone and the share register swells 10% to 9.5m. FY16 eps will effectively decline 9.1% to 101 cps. So in July when an investor calculates the current pe of czz, they will get $21/1.01 = 20.8

A bit high for my liking. That pe can easily range between 18-20 in the first half of FY17 imho.