I'm sure the guys at Sandon are smarter than me, but have they remembered the tax?
At 528million shares, you need a $3.2Bn Market Cap to get to $6 a share. But with 30% corporate tax, you need a $4.5Bn Mac royalty to get to the $3.2Bn NPAT. A $3.2Bn Mac royalty is only $2.2Bn NPAT = $4.24/share which is only a little below where we are now.
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