Well, after a long time coming, there seems to be an end to the...

Well, after a long time coming, there seems to be an end to the ASIC investigations.

TGA management are quite conservative, so I'm inclined to take their $4m as correct, if not too high an estimate.

Nevertheless, given the one-off, NPAT is forecast at 24-26m. Adding back the one-off, and adjusting for tax, NPAT would have been 26.8m-28.8m.
Per share, that converts to 17.34c - 18.64c in profits after tax. On the lower end, that's 9.65* earnings.

The above also consumes some management time/other resources, which I have not factored in.


Furthermore, there's a comment about growth in TEF and T&D finance businesses, stating it is experiencing "strong organic growth requiring significant capital investment". Happy to take a hit to the dividend if it means further investment in the business (provided delinquency rates and credit risk are at appropriate levels)