Just re-did some calcs & the 2nd half comes in at a PE of around 12.4, assuming very low 7% tax rate. If the tax rate was 30%, PE would be over 16. I sold out on Friday due to the risk of no divi being paid & low liquidity.
HY NPAT = $5.29m (26% tax). HY profit before tax = $7.13m. FY NPAT = approx $8.4m (7% tax). FY profit before tax = approx $9.03m. 2nd half profit = 9.03 - 7.13 x 0.93 (7% tax) = $1.77m. PE = 44/(1.77x2) = 12.4 (@ 7% tax rate). 2nd half profit = 9.03 - 7.13 x 0.70 (30% tax) = $1.33m. PE = 44/(1.33x2) = 16.5 (@ 30% tax rate).
STS Price at posting:
89.5¢ Sentiment: None Disclosure: Not Held
