I just put together a quick spreadsheet to check the numbers based on the half yearly.
I agree with your income figures, but I have expenses at $25m for the year. Perhaps you didn't include property expenses?
Anyway that puts me at about 10c distributable per share. I have assumed the slightly lower debt cost of 8.5%.
Figures in millions..
lease income 33 rec out 5 other inc 0.8
legal 0.2 other expenses 1 (borrowings 171 x debt cost 8.5%) 14.535 prop exp 7.6 remun 1.8
net op income 13.665 shares on issue 135 c.p.s. earnings 10.12
While the s.p. should be higher for this sort of risk/return, the real problem is that the 50% gearing isn't getting very much bang for the buck. We have a property yield of 9.5% and a debt cost of 8.9%. We have all the risk with not much benefit. (Thankyou banks).
FET Price at posting:
78.5¢ Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)