NPAT was $0.7 million in first half and range is $4.7 to 5.25 for full year. That suggests $4-4.5 in 2H. Assuming just a repeat of the second half for the full year in 2019 that gives NPAT next year of $8-9 million (or around 17 cps) and a PE of around 7-8 at $1.20 given 48.5 million shares on issue. Dividend guidance is up to 65% of NPAT. If they paid 8 cps in dividends (near 50% of NPAT) the yield is 6.7%. Can they deliver?
TNK Price at posting:
$1.22 Sentiment: None Disclosure: Held
