A short and inadequate reply re Cameron's analysis re WHG but...

A short and inadequate reply re Cameron's analysis re WHG but here goes:-
C55: JH2010 NPAT of $13.2m (EPS =5.0cps) [JH09 NPAT = $9.0m (EPS = 3.4cps), DH09 NPAT = $16.2m (EPS = 5.6cps)]. Final DPS of 3.5cps expected to bring full-year DPS to 50% of full-year EPS, as articulated by management.
MM: 2HFY10 NPAT 14.47m (EPS=5.6c). Total EPS FY10=5.6c+5.6c=11.2c=PE of 8.2. Final div 3.7c=5.7c for full year =5.9% Ffr. I expect FY11 divs to total 6.5c... not bad for share selling for 96c.
So all-in-all i am about 10% more optimistic than C55.

But(for me) the most important issue is WHG's outstanding ability to reduce debt. Incredible cashflow has seen debt plummet and it harks well for FY11 esp as remainder of 'NEXT' sale of 3.8m is due to be received by WHG tomorrow!! As C55 opines:'That the company can reduce debt by $80m,equivalent to over one-quarter of its current Enterprise Value - in the space of just 30 months is testimony to its financial pedigree.'
Yup... its blue-blood rather than blue-chip. BUY imo.