last year it made $233m in net profit
it has no non-current debt therefore can pay huge dividends
it could also make a capital return of $1 billion
it is also a defensive stock
since it can pay $233m in full franked dividend per annum, based on a 7.5% gross dividend, it is worth $4.4 billion, since if it had 1 billion shares, each shareholder would be willing to pay $4.40 per share for this defensive cash cow
also, on one billion shares, it could return $1 in capital
for a 1 billion share IPO, it should list at $5.5 billion market cap, imo
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