Broker data, page-18

righto - lets assume CATASTROPHIC!

lets say despite 1H16 being NPAT at nearly +30% year on year, and 2h15 doubling 1h15.... let's assume the but falls out of SHV and they ONLY make $10m 2h16 profit because of expenses to build for future sustainability. and THEN, let's say they drop the payout ratio to 55%, despite 2h15 abd 1h16 being +60%

then you still have a (albeit unfranked) yield of 4% at todays SP, for a company that is structured for coming years maturity.

thus, at your top range you are suggesting a required near 6% yield for this mob, if they tank?

if we're slightly less henny penny about the whole thing and say 2h16 is 50% of 2h15 and 60% payout, then that's unfranked 5.15% today or 7.4% at $5.

we know that world supply will come on, but AUD looks like it may fall esp if rates dip again, so how far forward are shareholders supposed to be risk averse for?