Ann: Half Yearly Report and Accounts, page-97

You're not quite right with this. #1 P/E is not a multiplier of dividends. #2 P/E includes non-cash revenue. I think what you're looking for is P/CF, unless you really want to look at dividends. I have to run the sums again (sorry too lazy) but what someone else said a day or two ago is correct, on P/CF SHJ is fairly valued at around 75c (I think I came to 80c).

There is no doubt that the company is undervalued. I believe valuing the company according to P/CF is sane when there are doubts about additional non-cash revenue such as WIP. IMO there's no need to be overly concerned about that though, SHJ took care of that when they performed their non-cash once off adjustment. It will just take the market a while to believe them and be comfortable with the risk that the company isn't over-valuing things to the point that they can't count on full revenue for cash income.