sorry fundamentals still ok to good

ok im sorry, ive had a closer look and on top of my head with a few quick calcs i see that dyno nobel full yr profit wouldve added an extra say 130mill in net profit

they made 614 net profit

shares outstanding go up 440mill from 1360mill to 1800mill

Equity goes up to 4246 mill from 3146mill if we add an extra 1.1bill in equity

Current EPS is 614/1360 = 45cent adjusted or 657/1360 = 48cents

huntleys or comsec use the adjusted NPAT of 614mill

EPS reported tho was 61 cents

return on equity using 614 NPAT/3146 (equity pre dilution) = 19.5 %

anyways if we add an extra 135 mill from dyno noble in NPAT for the extra 8.5 monmths:

net profit becomes 614 + 135 = 750mill

EPS is 750mill/1800 (440 mill extra shares issued @ 2.50 on top of the existing 1360mill shares) = EPS of 42 cents

ROE is 750mill NPAT / 4240 (adding 1100mill in equity to 3140 mill in equity) = 17.7%

ROIC n ROA i gather will move toward the ROE since theres less debt and more equity now. So those figures will look good on a profit of 750mill

*** So if my figures are correct, IPL looks good fundamentally

Im sorry!

Even if profit goes down circa 30% to 525mill

ROE is 525/4240 =12.4% which is in the 12-15% range and a decent to good return on equity considering theres a 80% equity to debt mix now.

If my figures are correct ( ive done them quickly) then IPL aint that bad at all.

Sorry

If my figures are wong again :), plse someone tell me! :)

*** According to huntley dyno EBITDA was 293mill for 12 months

only 3.5months were included or $85.45 mill in EBITDA from dyno

Had a 12 months worth of EBITDA been taken, an extra 208mill in EBITDA wouldve been added

taking 65% of this EBITDA to take into consideration tax plus depreciation/amort, an extra 135mill wouldve been added to net profit

So thats where i got the 135mill extra

6.15 + 135 = 750mill NPAT

***If profit goes down 40% due to lower DAP n explosives, we get npat 450mill

EPS = 450/1800 = 25 cents per share

ROE would be 450/4246 = 10.6% (not great)

thats what the market is pricing!

if ive made a mistake again plse someone make the correction - this is all from very quick calcs .