Guys - I ran some numbers based on the conservative forecasts in the report.
NEP, at 5% premium increase $16,590M
Insurance margin, at 11% $1,825M
Investment income (s/hold) $450M (assume 6%)
Finance -$325M (same)
Impairment (as forecast) -$150M
Profit before Tax $1,800M
Tax (assume ret to norm rate) -$360M
NPAT $1,440M
Add back impairment for Cash Profit $1,590M
Current market cap $15,700M
PE <10 on cash basis
Dividend at 50% payout of cash ratio = 66c a share, 5% fully franked, 7.2% grossed up. Lower payout ratio than previous, but that is prudent and they should not have to underwrite. Maybe it can be increased when capital position is strong enough.
Thereafter: $250M in cost savings, increasing investment returns through higher interest rates.
Remember: worst drought on record, worst storm on record, record low interest rates - and the company still made a billion in cash. it only trades at 15.5 times that low point now.
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$16.96 |
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Mkt cap ! $25.48B |
Open | High | Low | Value | Volume |
$17.38 | $17.38 | $16.91 | $38.82M | 2.279M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 75 | $16.95 |
Sellers (Offers)
Price($) | Vol. | No. |
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$16.97 | 14045 | 2 |
View Market Depth
No. | Vol. | Price($) |
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1 | 75 | 16.950 |
6 | 12657 | 16.920 |
3 | 22465 | 16.910 |
7 | 27593 | 16.900 |
8 | 148717 | 16.880 |
Price($) | Vol. | No. |
---|---|---|
17.010 | 9511 | 3 |
17.030 | 8214 | 1 |
17.040 | 20503 | 1 |
17.050 | 8214 | 1 |
17.060 | 12753 | 2 |
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