News: HML Henry Morgan Ltd updates on half-year interim dividend guidance, page-27

For starters this is a LIC for a highly risky hedge fund. Cash flow isn't consistent because the income is derived through volatile investment activities with the sole purpose of capital gains. You can't assume steady 20c dividends and compare it to other LICs as if they are.

Don't get me wrong I am extremely bullish on HML, this is surely one of the best hedge funds in Australia and maybe even globally. There are just a lot of incorrect assumptions in your statement, be careful when you try to value something like this.