excellent prospects confirmed, page-14

Ord Minnett have an accumulate recommendation with a valuation of $2.48 on MLB.
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Key Financials
Year-end December (A$) FY08A FY09A FY10E
FY11E
Revenue ($m) 212.4 200.1 194.7 223.4
EBITDA ($m) 36.0 32.2 31.4 37.0
Net profit after tax ($m) 19.4 16.8 14.9 17.6
EPS (?) 24.9 21.3 18.6 21.6
P/E (x) 7.3 8.6 9.8 8.5
EV/EDITDA 5.4 5.3 5.4 4.7
Dividend (?) 15.0 15.0 13.0 15.1
Net Yield (%) 8.2 8.2 7.1 8.2
Franking (%) 100 100 100 100
Normalised NPAT ($m) 20.5 16.8 14.9 17.6
Normalised EPS (?) 26.3 21.3 18.6 21.6
EPS Growth (%) N/A -19.2 -12.5 15.9
Normalised P/E (x) 7.0 8.6 9.8 8.5
Relative P/E (%) 0.4 0.5 0.6 0.7
Normalised ROE (%) 24.4 18.3 15.5 17.3
Source: IRESS