My numbers are in line with your estimate.
Revenue of $850ml, but I’ve slightly higher NPAT if $175ml, which roughly translates to 24c EPS. Based on that i’ve price band of NZ 9.60-12.00 with on a 40-50 PE band.
One thing I noted in ASM is the tone of Geoff re the court case, very strong and agreesive and also mentioned at the outset they would fight very agreessively to achieve positive outcome. They must have a strong case and advice from the lawyers or else he wouldn’t have said words to that affect. Not his usual style.
All in all another step in the right direction and looking at bigger opportunities, the world is their oyster.
I’m quite happy not to see any divvy being declared, happy for them to invest into growing the business. They would be sitting on close to $175ml+ cash on hand as of today, which can be put very good use.
Onwards and upwards...
Ann: 2017 Annual Meeting Presentation & Market Update, page-110
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