VNT ventia services group limited

Sorry they were DPS numbers not EPS.EPS 20.5c vs 23.3cDPS 15.9c...

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    Sorry they were DPS numbers not EPS.
    EPS 20.5c vs 23.3c
    DPS 15.9c vs 15.8c
    So a forecast statutory earnings reduction of -12% vs a +7-10% NPATA per the management.

    Net debt in the last accounts was $602.5m with only 50% hedged.
    4% rate increase on 50% would be $12m on a NPATA of $180m or a 6.7% headwind year on year.
    Enough to have a potential impact on the 7-10% range IMO if they were forecasting lower interest rates in May.

    We'll just have to see but I wouldn't be expecting an uplift in the forecast.
 
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