With the DC costs out of the way, assuming $16M NPAT in 1H and a...

With the DC costs out of the way, assuming $16M NPAT in 1H and a variable -1M to 1M NPAT for 2H - that puts TRS at EPS of 52-59c and with the 60% payout ratio that's 31-35c.

Once people pick these numbers up, I believe it will re-rate very quickly - the past has shown us just how quickly TRS can move (those who have been around a while will recall the $5.5 to $14 move in 8 months!).

Based on some basic calculations I run for value, IMO fair value for TRS based on my assumptions above is $7-$8. So right now represents a good opportunity IMO. I am really interested to see some more detailed numbers on how the DC is performing, the comments in this update seem to give the impression, strong.