It could be even better than I suggest above, as last year included one off expenses of $US 9 million for the union settlement and severence payments on the switch to outsourcing. These were deducted from gross profit last year and gross profit roughly lined up with receipts less AISC last year. assuming there are no other one off costs then deducting those costs could add 1.4cps to profit after tax in $A this year and so push EPS to 3.5cps in AUD and reduce the PE to 4.5. Some profit guidance from the company at the AGM would be helpful as we have no broker coverage.
AGD Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
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