Cedar Woods valuation, page-6

The key to understanding CWP is that it is very conservative. It holds its land bank and property at cost until sold. It buys large lots in a counter cyclical process. At any time can hold between 6,000 and 10,000 undeveloped lots on its books.

It is also very tricky to get H1/H2 splits right. Generally they do much better in H2. That's why FY'20 was a EPS wipeout as most of the planned settlements in H2 were Covid delayed.
I suspect this will be a permament 6 month delay and therefore never caught up.

Having said that I am expecting FY'21 EPS to return to close to normal so a fair EPS for FY'21 would be the average of the EPS for FY'18 and FY'19 ($0.55 EPS) remembering FY'19 was a stand out EPS because of profits on two commercial buildings at Williams Landing in Victoria.

CWP is also a good dividend payer on average 50% of EPS plus they are usually fully franked.

Cheers.............Daicosisgod