AgM update, page-145

Guys Cash at the end of the year was 464million. Net Profit after tax was 287.7 or 22% of revenue. This year it looks like revenue will top 1650 and net profit margin will improve a tad say to 23% generating net profit of 380m or 51cents a share way above current consensus. Moreover when cash plus net profit plus the value Synlait investments is taken into account. net assets will be cash of 863 plus Synlait value 275 giving net assets of 1.138billion. Now that is $1.52 a share. At 28 times pe the historical average for good growth stocks, means the stock price should be 14.28 plus 1.52 for net assets bringing a conservative value around 15.80. Now if in fact the growth is better than 1650 revenue (which is well on the cards because the second half is always better than the first half) then 16.50 to 17 becomes quite reasonable at 28pe