chartists, page-7

Shouldn't the calculations be as follows :
- annual sales of 8MT
- margin of $ 70 MT
- annual gross margin of $ 560 less interest $ 60 M
- Net margin $ 500 M, GBG share $ 250 M
- Less admin o/heads of say $ 20M
- Net profit bef/after tax of $ 230 M/$161 M
- EPS on $ 161 M / 1248 M shares = $0.129

Based on long term sales of 16 M, EPS should be slightly more than double as interest and o/heads should remain fairly constant.

I believe the forecast EPS of $ 0.051 takes into account a ramp up period or allows for a softening in iron ore prices but whichever way you look at it, if they achieve a full year target sales of 8 MT, EPS must be more than the forecast of 5.1 cents.