1h2014 results announcement 18 feb

If all goes well we should get a positive IH2014 results announcement tomorrow, and with three times as many buyers as sellers, if the announcement is positive, the SP should rise. The PER is so low, and the dividend yield so high, that we are not looking for an increase in EPS or DPS relative to 1H2013 - a small decrease in EPS, and a steady DPS, would suffice to be positive news.

BYL continues to garner those small contracts that are its hallmark. It executes an average of just over three contracts a month, worth something like $4M each (a crude average based on the first ten contracts this FY). The average revenue in 2012 and 2013 from such contracts was about $160M, so 40 contracts a year of at an average of $4M seems about right. So far in February it has secured two:

Flynn Drive – Client: City of Wanneroo
Trinity at Alkimos Stage 11 – Client: LWP

I am uncertain what revenue the Karara contract will deliver in 1H2014, other than that it will be an increase on last year's comparable period. Hopefully, total revenue (Karara + the rest) should be north of $100M, but why postulate whether it's going to be $120M or $130M, because tomorrow we shall know.