Knocked up some quick estimates for 1HFY16
rev: 723m
Op income: 54m (fairly conservative)
Net inc: 38.6m (assumes significant redundancy cost)
eps 40.6c
div (interim in Feb) 35c ffr
These are estimates for 1st half only. So based on today's close of $5.63 equates to:
PE ratio: 7.03
gross div yield: 17.6%!!!
That's assuming 2H duplicates 1H which is unlikely. We'll need interim update to get forecast re full yr FY16.
But lets assume 2H div is 20% less than 1h payout. 35+28= 63c ffr. (in FY15 div was 109c)
63cffr with SP at $5.63 = 15.9% gross yield!!
Thinks 72c div impossible? FY15 div was 109c. Hence, i've assumed a drop of 34%. 1H net income could well be 10% better than i predict i.e. 44-45c eps. If so IH div will come in at around 39.5c ffr. That will stun Mr Mkt with gross yield not far off 20%!!
Remember MND is debt free with substantial cash reserves.
Any other punts out there?
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