the afj club, page-5

Rough Numbers - Thinking dividends.
Based on Prospectus document.


2014 Forecast NPAT: 7.8 Million (Page 37)
Shares on Issue: 89,500,000 (Page 71)

Directors indicated a desire to pay out 60% of NPAT in dividends.

- 5.2 cents unfranked, or, at current price levels of $1.40 about a 3.7% yield.

Of course, they've stated that they won't be paying dividends in 2014, so to that extent, you'd imagine the cash would go into growing NPAT into 2015. If this is the case, since we've gotten in fairly early on in the piece, our yield on initial investment might be quite tidy.

- That 7.8 million could be used to get a lot more centres in the portfolio
- They also have those two development sites to sell which could help us shareholders out too!
- They have that 20 Million $$ facility to pursue acquisitions.
- Workplace efficiences to reduce internal costs.

Anyone disagree with my maths please share. I am not a maths kinda guy, I simply multiplied forecast earning by 60%, then divided by the shares on issue.


As this post is about dividends, I will say I hope they introduce a DRP.