You have assumed the full buy back for a year and half a year profit. They may not buy back that much in the next six months.
Also note there are franking credits worth $A19 million at the last report (Note 7). So they can fully frank a dividend of near $A60 million or 7.5 cps.
That suggests they could pay out up front a substantial franked dividend. If they do not have an aggressive buy back then to meet the target of 20-40% NPAT payout the dividend has to be higher. Paying out the franking credits quickly seems desirable at least for Australian shareholders.
You have assumed the full buy back for a year and half a year...
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