Generally agree My v conservative modelling : NPAT for year - $602m (excl asset sale profits & provisions) Div for year - $112m (14c on 800k shares excl cvn) Nett Cash at year end (post-div) - $429m ITC's at year end - $703m
DCF Valuation - $3.99 (I've been consistently about this level for the past 15 months)
Conclusions : Acquisition numero uno Capital mgt (off-market buyback) Big divs not coming till cvns are converted Full takeover by WSP
NHC Price at posting:
$2.93 Sentiment: Buy Disclosure: Held
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