Hi T,Just doodling and looking at (end of Feb announcement) half...

Hi T,

Just doodling and looking at (end of Feb announcement) half year results.

This shows a Group NPAT of ~$65m (inc windfall profit).
I am therefore assuming ~ $35m attributable to Universal NPAT

3rd qtr Group EBITDA of ~$21m, $14m attributable to Universal.

4th qtr EBITDA of $20m. I am assuming ~ $13m att. based on 3rd qtr

So perhaps ~ EBITDA $27m att. to Universal 2nd half of financial year. Not sure what tax, depreciation etc they will have to fork out but @ 50% this still leaves say ~ $13m NPAT and, if not already included elsewhere, $10m after $3m spent on takeover BS.


Adding back first half NPAT of $35m gives around $45m NPAT for the year. And at 45% dividend return then 4c for the year should be possible ie a 2c dividend to come.

Certainly I am looking through rose tinted glasses but would appreciate your thoughts.