mml eps estimates, page-3

Here are my estimates for the MML FY2010, having rolled up all the data from the 4 quarters.

All '$' amounts are for US$ except when shown as A$.

I am estimating a dividend of US$11m (c. A$ 7c/share) from the US$61m of cash & bullion at end of June.

Financial Year ................. 30/06/2010

Tonnes Mined ................... 200,040
Ore Processed (t) .............. 179,609
Tonnes per day mined (avg) ..... 641
Waste % ........................ 10%
Average grade (g/t) ............ 16.93
Average recovery (%) ........... 94%
Gold produced (est oz) ......... 90,101
Gold produced (actual oz) ...... 89,679
POG avg ($/oz) ................. 1,110
Calc Sales ($) ................. 100,458,672
Sales (actual $) ............... 100,458,672
Average cash cost ($/oz) ....... 185
Total cash cost ($) ............ 16,511,378
Op Profit ($) .................. 83,947,294
G&A (US$) ...................... 2,889,356
Other (US$) .................... 2,247,408
Philsaga royalty ($20/oz) ...... 0
Royalty @ 3% of revenue ........ 0
EBITDA (US$) ................... 78,810,530
D&A (US$) ...................... 6,700,000
EBIT (US$) ..................... 72,110,530
TAX (US$) ...................... -103,716
PAT (US$) ...................... 72,699,334
No Shares (fully diluted) ...... 178,955,936
EPS (US$) ...................... 0.403
FOREX .......................... 1.54
EPS () ........................ 0.263
PER multiple (x) ............... 20.00
Minelife factor (%) ............ 75%
Projected SP () ............... 3.95
Forex A$/US$ ................... 0.91
EPS (A$) ....................... 0.46
Target SP (A$) ................. 6.88
Div/share () .................. 0.04

Operating CashFlow (US$) ....... 78,810,530
Interest @ 0.55%/qtr (US$) ..... 677,067
Tax (US$) ...................... 103,716
Development Capex (US$) ........ -11,605,234
Exploration (US$) .............. -18,881,454
Financing (US$) ................ 1,087,246
Projected Divi as % of Free CF . 25%
Dividend ($) ................... -11,020,169
Net Cash Flow ($) .............. 39,171,703
Net Cash ($) cumulative ........ 50,301,177
Div as % yield on projected SP . 1.01%