Hi MB, the 'e' in the price earnings formula is not simply revenue - tax as you have calculated. There are many more costs deducted from the revenue, aside from tax, which will give you your NPAT figure…..
Let's use CSL and SRX as examples to try and get a more realistic profit margin figure rather than the (60/86) 70% you have used.
SRX FY14 (NPAT 23.9 / revenue 129.4) Profit margin = 18.5%
CSL FY14 (NPAT 1387.5 / Revenue 5792.8) Profit margin = 24%
If we take an average of these two net profit margins, let's use 22% and your revenue figure (.22 x 86) profit of $18.92 million and then use your PE ratio of 30 after calculating the EPS figure…….
Profit of $18.92 million (EPS of 1.3) ……… 1.3 x 30 = 39c
FY19 $1.25 target, page-7
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