I kind of have to laugh a little (darkly). When I put to Zenith...

I kind of have to laugh a little (darkly). When I put to Zenith re the Phosphate Hill loss.... 'who cares it is only 300k profit'... I was told by Zenith 'we care about every $1'.

Now in my modelling of Zenith I realise that $1.5 mill equates to 1 cent EPS. (of course). And I forever 'wonder' how the EPS will be bumped up. The EPS needs to grow. The cap raise hurt that. The accelerated depreciation hurts that. But I accept all that because it promises a motza down the track.

But now I worry a little. I loved that the directors have so many shares. But if they have oddles of shares, but pay themselves $4 mill year, the share profit does not really matter. I mean is their skin in the game of non consequence? They have already collected enough skin at $4 mill a year.

Re dividends, those are taxed at 30%. Their zillion dollar salaries must be being taxed at 50%. If they paid dividends with franking they are better off to themselves. But their salaries are so high, likely they just pay the PAYE tax 20% extra and still laugh all the way to the bank.

I appreciate the comments here re the salary. And nice to line them up compared to PEA. Now, one thing Zenith crow about is their Intellectual Property. Well, if they are the Elon Musk of outback power, sobeit. But, in my mind, they are on notice to perform. They have paid themselves to perform. So performance I expect. *watch this space* from Mr Zenith Positive (me). If I go negative you know it is time to flee. But for now.... I am positive, but like DeNiro