volcano hmmm that 200m sounds very good, but wonder where the earnings number & multiple comes from .....they were earning ~32m in NPBT over the last 3 years after the commission change so a 4 times multiple of that would still be a good result IMO.
120m in Cash from TLS combined with 60m in franking credits and they could pay a fully franked divided of $1 and still have enough cash to build out SHAW (not 100% on this, but if they have already paid the tax, I assume the cash component of the declared dividend only needs to be 70%)
As for intangibles getting written off, yes it flows through the P&L but its purely an accounting entry and does not impact cashflow; also any payment from TLS for the ICT stores after covering depreciated P&E will reduce any goodwill writedown.
VTG Price at posting:
95.0¢ Sentiment: Hold Disclosure: Held
