To try an answer Hopeful's earlier question of what a FY23...

To try an answer Hopeful's earlier question of what a FY23 EBITDA at the higher end of a range of $85, to $90m might look like in NAPT terms.

For the December 2022 half year, LAU reported a NPAT of $16.8M on underlying EBITDA of $42.8m. If we use the same ratio on EBITDA of $89m, this would produce a full year NPAT of just under $35m.

Traditionally the first half has been more profitable than the second half, but this year we have the stronger trading in the second half post the demise of Scott's. On the downside, 'I' is likely to be higher because of rising interest rates and a higher dollar amount of debt following the plant purchases from the Scott's liquidator and 'DA' is also likely to be higher because there is more property, plant and equipment to depreciate. So, my guess is a FY23 NPAT of $34m.

Based on the 30 June 2023 issued capital of 303.4m shares (i.e. prior to any share issue as part consideration for the WB Hunter acquisition), this would give EPS of 11.2 cps and a PE ratio of 11.1 based on today's closing price of 124.5. I'm picking a final dividend of 2.5 cps giving a full year dividend of 4.4 cps. LAU must be getting close to using up its brought forward tax losses so maybe there is a possibility of some franking credits in addition as a wee bonus.