Ann: Annual Report to shareholders, page-2

I am struggling with the table function... But hopefully this comes through okay...

Rough numbers and very high level, however based on the forecast information provided in the reports of; EBITDA, D&A, Finance Costs and Tax rate, and then assuming $15M for significant items (less than FY18 assuming no acquisitions in FY19) I have calculated that NPAT and EPS range based on the forecasts provided is;

NPAT: $88-101.5M

EPS: 26.5-30.5c

IMO this would allow Pact to easily maintain the dividend of 23c... This implies;

Future P/E: 11.1 - 12.8

Forecast Div Yield: 6.8% 

On these numbers it does look appealing, especially given the growth they have achieved (even if this has been achieved by acquisition), though I do wish had more interest cover and lower debt in general.

		FY18 Actual	FY19 Forecast
1	Revenue	$1,674M	Higher, no estimate
2	EBITDA	$237M	$270-285M
3	D&A	$72M	$84-86M
4	EBIT	$165M	$184M
5
6	Finance Costs	$32.1M	$38-40M
7	Significant Items	$23.3	No estimate, assume $15M (no acquisition)
8	Tax Rate	29.5%	29-29.5%
9	NPAT (before significant items)	$95M	$103 - $116.5M
10	NPAT	$74.5M	$88 - $101.5M
11	Shares	318.6M	332.5M
12	EPS	23.4c	26.5c - 30.5c
13	DPS	23.0c	???