Dividend payment is now a % of UNPATA, rather than based on...

Dividend payment is now a % of UNPATA, rather than based on NPAT. So immediately we'll see a larger amount being paid out.

If we assume a 20% NPATA increase (similar to 1H22 vs 1H23), that'd be about 31cps in UNPATA ($9.84m) [*]
Then we can extrapolate from that and take 70% of UNPATA, we could result in 21cps ($6.9m) in dividends (for 1H), plus franking credits.

Split that in two, you get ~$5m in, $6.9m out on the figures given in the recent 4C.
Leaves at least $22m in cash by those calculations.


I honestly have no idea how they spend the cash, but its significant - especially given they have $29m of franking credits to go along with it (more at 1H25):



I know the stock price has run recently, but on my numbers this is still cheap (~$240m EV doing ~$19m+ in UNPATA). About 12-13x with an ROE at ~50% if you remove the cash.



* is just a guess on earnings. If my FUM calcs are correct, it may be larger