agreed about the lumpy nature of developers profits, you just...

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.