Thanks for the summary. Sort of puts into perspective the premium of the SP to the before tax NTA of WAX .... as there's another 14c of value in the franking credits available via the profit reserve (ie. 32.1c/0.7*0.3)
So correcting for the gross value of the franking credits to a retiree who doesn't pay tax in their SMSF ... the discount to NTA (grossed up for franking credits of the profit reserve) was only ~4.5% at end August ($1.40/1.34). Given the strong track record of WAX - that sort of premium to shareholders who value the franking credits/steady dividend doesn't seem at all unreasonable.
Ann: Wilson Asset Management Investor Conference Call, page-7
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$1.19 |
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