I took the noise of that out, by just adjusting for the deal. The rest of the cost inflationary impacts are irrelevant when talking about the deal in isolation.
Using the FY22 audited statements, the deal WAS NOT EPS or DPS accretive, and it has remained that way. My data shows that in black and white.
Inflationary pressures have reduced the margins too, but that would have happened regardless.
All I did with the Income statements, was for FY22 (the blue) was show the ACTUAL results, and those should the deal have been there for the full year, and all I have done for the interims is the same, but taken out the deal and back to just a 50/50 JV. On both occasions the EPS reduced with the deal.
BTW - you still mention the $10 / saving for FEX. Do you still believe that is bottom line savings??
FEX Price at posting:
23.5¢ Sentiment: None Disclosure: Not Held
(20min delay)