Hi tim, I think you are being incorrect in your calculations....

Hi tim,
I think you are being incorrect in your calculations. First half NPaT is 2.1 mill divide that by number of shares on issue which is 23 mill gives you 9.1 cents . If they have a full year NPaT of 4 mill eps will be 0.173 . ROE is still good. Even if they have the same performance as last year they will still have a eps of about 0.165 . They will pay a div with a payout ratio of 60 pcnt so a pretty good yield. When the general market catches on to the yield this will move. I have kept my assumptions conservative and this is still undervalued!
Furthermore director buying big chunks plus management involved in tamawood which has had shown excellent fundamentals for last 10 years . With a fy NPAT of 4 mill , you will see a rerating. I am interested in next quarter earnings as they said the impact of floods would show in next qUuarter earnings. Qld rebuilding should benefit AIR .
Good luck