re Mr Market 'not getting it'. I just consider that the company...

re Mr Market 'not getting it'. I just consider that the company makes a profit each year. Current PE is 11. They 'retain' the earnings (no dividend yet). As long at their retained earning generate more earnings there is not much risk. Mr Market is not happy with a PE of 11, if dividends are not paid. Perhaps they consider the 8 to 9% profit not sustainable. But to my calcs the current 8 to 9% profit (after all depreciation and big bonuses and tax) is brilliant.

I 'wonder' what the 1/2 yearly numbers will look like. The 'yearly' numbers seem pretty clear on this boring power asset, utility business. Mr Market may indeed, though, lurch one way or the other at the 1/2 yearly. That is, we know the yearly EPS will be in the low 5s. A bit down this year because of the cap raise. So big EBITDA rise, but more shares = treading water for a year. But the 5 cents may be 2 in first half and 3 in 2nd half. I should try to figure out what it will be. Mr Market is kind of dumb. If he see '3', he will think 'oh, year will be '6', and shoot up the price. If he sees '2' he will think eps for the year will be 4, and shoot down the price.

Silly Mr Market.