I was continuing on from your assumptions to look at the PE. I personally am assuming they can match the FY17 Star EBITDA so, USD61m plus 10% growth at Aristo so, USD11.88m.
Without the management fee EBITDA will be 71.88m USD
Translating to AUD90.27m
AUD 51.45m NPAT at 57% of EBITDA (I think this % will rise as interest payments decrease so this is conservative)
= .061c EPS FY18
I think that is fair though, my bull case is AUD100m EBITDA as I have posted in another thread. Works out at .068c EPS so not far off your 7c assumption.
In terms of FY16, there was a non-cash valuation uplift, on the Star Vegas, of AUD55.2m which was treated as profit. This inflated the NPAT to AUD77.2m for the full year.
The ACTUAL cash earnings in FY16 was AUD22.9m
AUD22.9/ 831.2m shares on issue = .0275c CASH EPS
Share price at close on day of results (30/8/2016) .46c
.46/.0275 = 16.72 Trailing PE
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