Picked up the following error in the Year 1 & 2 figures for Stage 1 Paints & Coatings ... referenced the before tax rather than the after-tax figure.
Year 1 (which is a financial year) will only have around 6 months of production, since commissioning is in H1 of FY2023 (H1 of FY2023 starts 1 July 2022). That means based on my speculative analysis around $15.3M NPAT for Paints & Coatings in FY2023 and then NPAT for Stage 1 Paints & Coatings starts growing from AUD $30.5M in FY2024. The errors would be offset by the accrued losses ( which reduces the tax that needs to be paid ), however don't have an adjustment for this in the valuation model.
Impact is a reduction in my risked valuation from $0.36 to $0.32.
Ann: Investor Presentation, page-19
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