Ann: Guidance Update FY19, page-27

At COB $2.12, this well managed land developer, that has consistently grown its inventory to provide sustainable growth in product sales into the medium term, now sits on 8.7pc dividend yield. let's not forget that being structured as a trading company, it's distributions are fully franked. so grossed up this is now returning a 12.5pc income to investors. PE ratio FY 18 at 6x. EPS likely to go up, not down, due to increased land sales (even if at lower prices or margin), due to much larger land bank ready to produce over the next 3 to 5 years. and then, this is the clincher. look at the Donnybrook sale announcement from late last year. if this goes ahead VLW is to make a $100m pre tax profit. so if you take $70m (post tax) of the current market cap of $291m, to an effective market cap of $221m, this well performing company is sitting on a PE of 4.5 times. hello is anybody home??????