Ann: Pricing Supplement, page-3

If they are paying 75% of NPAT as divs, I have PMP yielding 8% at todays share price ... and that doesn't include the 25% of NPAT which will be redistributed via buybacks/capital returns = an all in yield of +10%.

And even though they are paying out 100% of NPAT, because the D&A charge is so high (why don't they just write down the value of the PPE???), they are still retaining ~$15m in cash per annum post all these distributions.

New price target = 80cps.

And if they ever get to consolidate the industry .... we will be doubling that price target.