On Aug 11, the Company said that earnings guidance for the year...

On Aug 11, the Company said that earnings guidance for the year to 31July was at the top end of their previous guidance of 65 to 80c per share/unit. You would need to wait to get guidance for 23/24 to consider the medium term value. I expect a final dividend of 30c per unit NZ, but note this is PIE, Portfolio Investment Entity. You don’t pay tax on the Dividend but they pay tax for you at a special rate. If you are not a NZ resident it’s 28%, so not great if you are investing via an Aussie SMSF.

However, let’s say it’s 40c for the full year, or say 37c A, and they pay 28% tax, that’s a net 22c approx ( tax paid)….so on $3.10, that’s a tax paid 7%, plus I just got 46c A per unit tax free on the Capital return.

My assessment of the South American business sold is it won’t affect eps going forward by more 6c eps.

All just my back of the envelope workings. Ultimately however, dividend return is not as important as future eps. That’s what one needs to constantly assess, in my opinion.

If future earnings are say 70c per unit, it should move to say $6.35 over time….probably/maybe.

If they can keep improving that EPS, it will be a decent stock to be in, in my view.