The amount of crap this company spins. My favourite is the separation of "onerous contract" costs. You entered it. Its operational. You can't exclude your **ck-ups from financial results .... Same with excluding interest costs. You borrowed money to run your business. Interest is payable. Count it.
Anyway, ignoring all the crap and ins and outs of tax balancing payments etc ... on first analysis I have:
- Debt increased by $8m - $4m spent on Share buy back (stop laughing ...) - Net tax refund $11m - $67m spent on purchase of ARN stake.
So cash generated for the half (ie true return to shareholders) was 67-11+4-8 = $52m. This is about 3.2cps. If this is annualised, we have 6.4cps. Can justify a multiple of 8 x cash generated, so this gives 51cps.
Of course you then need to discount by about 50% to account for the fact that Stokes and Warburton keep all the money for themselves.
Looks like the market is pretty much spot on.
SWM Price at posting:
25.0¢ Sentiment: None Disclosure: Held
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