my FA is not the best; very superficialbut i just ran my quick...

my FA is not the best; very superficial

but i just ran my quick ruler over DJS

it was difficult to understood their OUTLOOK in the 21 March 2012 announcement but the impression gained is a flat or falling FY13 followed by growth in FY14

for 2012, i get divided of 17 cents, which at the current share price of $2.28 will yield 7.5% after tax or 10.6% before tax

PE ratio is 11.5, sustained by the high dividend payout ration of 85%

the positives:

1. property & plant valued at $820m or $1.55 per share
2. net asset value of $1.52 per share
3. borrowings $98m, equivalent to 1 year of NPAT
4. intangible assets valued at $34 or 6.5 cents per share

in the current economic climate, it looks fully priced and could certainly fall a little more, especially of FY13 sees another fall in profit

compared to MYR, i can't understand the MYR balance sheet, which has an incomprehensible $943m in intangible assets ($1.62 per share; have i missed something?). MYR has $420m in borrowings, equivalent to 3 years of NPAT. MYR has $523m in property & plant

so DJS looks better but in what direction will retail go with so much (cheap) on-line retailing???