are we getting over-valued??, page-3

If one compares the 2008 account with the 2012 accounts you have
2012 2008

IT IT

Revenue 560 406.8
EBITDAC 36.5
EBITDAC Margin 7% 9%

FSG FSG
Revenue 0 202.8
EBITDAC 0 20.3
EBITDAC Margin 10%

Total Revenue 560 609.60
Total NPAT 18.1 26.50
Shares 305,585,913 191,473,988

EPS c/share 5.94 13.84
Dividend Payout Ratio 54% 70%
DPS c/share 3.5 9.75


Net debt -40 56.90
Gearing 0% 35%

Given the target margins for the IT Business dividend of 7 c/Sahre in the next year or so looks very possible. A price of $1.50 per share seems justified.