EBITA/revenue ratio 3.5% is too low.
It should be at least more than 6%.
2017 EBITA is $100m to $110m.(maybe excluding from Ichthys and Gorgon projects).
Assuming I is $12m,D is $16m,A is zero.
T is $26.4m{=($100m-$12m)x30%}
Estimated underlying earnings is $77.6m(=$100m-$12m+$16m-$26.4m),
$77.6m/250m shares=$0.3104/s
$0.3104/s x 50% =$0.1552/s (estimated full year didivends per share in FY 2017 with payout ratio 50%)
EBITA/revenue ratio 3.5% is too low. It should be at least more...
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