At these depths, where is the downside?, page-5

These are my numbers. You were right, ROE is indeed 7% as I forgot to double the revenue and net profit numbers (given they were half-yearly reports). I've taken numbers straight from the most recent half-yearly report (and converted to yearly figures):

• Normalised Adjusted EBITDA = $24,830,000 * 2 = $49,660,000
• Depreciation & Amortisation = $3,872,000 * 2 = $7,744,000
• Finance Costs = $5,151,000 * 2 = $10,302,000
• EBIT = $49,660,000 - $7,744,000 - $10,302,000 = $31,614,000

• Income Tax (assumed 30%) = $10,302,000 * 0.3 = $9,484,200
• Profit (Normalised and Adjusted) = $31,614,000 - $9,484,200 = $22,129,800
• Revenue = $137,258,000 * 2 = $274,516,000
• Net Profit Margin = $22,129,800 / $274,516,000 = 0.08

• Revenue = $137,258,000 * 2 = $274,516,000
• Average Total Assets = $484,416,000
• Asset Turnover = 0.57

• Average Total Assets = $484,416,000
• Average Shareholder Equity = $317,865,000
• Equity Multiplier = 1.52

ROE = Net Profit Margin * Asset Turnover * Equity Multiplier = 0.08 * 0.57 * 1.52 = 7%