Here's my calc (note, FCF is the annual figure, not the total cash balance as some have implied above).
The "increase in cash balance" for the September quarter was A$783m. Let's assume this is approximately equal to Free Cash Flow. With volume expansion and increasing contract prices, we can anticipate A$4bn in FCF for the whole of FY2023. Then let's reduce that by 30% for taxes, leaving $2.8bn.
$2.8bn * 20-30% payout ratio / 3bn shares outstanding = 18.6 - 27.9 cents per share
Figaro
Ann: Capital Management Framework, page-56
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