ASH FY result

I have been looking further into the recent dividend announcement, given today’s share price fall (albeit on small volumes).
When ASH listed, it stated in its prospectus that it would target a dividend payout ratio of 60%-70%. If we assume that this remains their target, and we conservatively assume the recent 2.5c dividend is at the top of this range (i.e. a 70% payout), this translates to an EPS of 3.57 cents per share.
Accordingly, at today’s close of 23.5c, this translates to a P/E multiple of 6.6x and a FF dividend yield of 10.6% (13.8% gross up).
What’s more interesting, it also means that H2 EPS was 2.07cps, with earnings accelerating in the second half to be greater than 4cps annualized. Accordingly, assuming this can be sustained for a full year, it should allow a dividend of 2.7c, with a P/E of 5.7x and a FF dividend yield of 11.74% (15.3% grossed up) at today’s close.
Given the above (which may prove conservative), I would suggest that holders sit tight until the FY results are released.