amazing half-year result predicted, page-7

agreed about the lumpy nature of developers profits, you just have to look through the "analysis" table on commsec's site.

what is mostly common though is that H2 averages +1.62% of H1 - but is still widely variable.
the FY figures when averaged over the years give a clearer indication of the trend in profits.

I have done sums trying to achieve an extended ballpark range estimate or the full year - I multiplied 2012's H1 x the 1.49% increase in profit for H1 to lock in H1 2013.

Then, using the data from the analysis tables again as a base I did some further sums to arrive at a variable for H2.

end results - FY eps of between 10.3c. & 14.3c. giving pe's between 5.5 & 4.0

I can not find average trading PE's for UOS ??

to me a pe of 7.0 as an average trading figure seems reasonable ie giving a valuation share price of 68c.

so what have achieved here ? satisfied myself that on a projected earnings basis UOS is still trading well under its intrinsic value.

GK.