Your logic is not that flawed. Actual EPS will be calculated over 'average shares on issue', and will probably be more like 142m or something, but I always make mine over actual shares on issue at the current time. If you add in the debt, DDR is not super-cheap at current prices (i.e. near $2 per share), but if they can generate 8 or 10% EPS growth for a couple of years, they remain quite inexpensive.
If they return say 13cps in fully franked dividends for 2015, then they are pretty close to a 10% grossed up yield at current prices, which is pretty impressive in todays yield hungry market.
Particularly when you consider how rapidly that dividend has grown - Eternalgrowth
DDR Price at posting:
$1.89 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)