Failed the stag profit but good buying at these levels, page-20

IPO price was $1.

That's 9.5x 2015 profit, so at 86c the PER is actually only 8.2x

A maiden dividend will be declared for the 2H 2015. According to the AFR the (full year) dividend yield is expected to be "almost 7%" at the $1 IPO price.

So my earlier estimate is wrong. In fact the yield will be almost 8.1%.

So at 86c we have the double eights: 8 x EPS, and 8% yield. That's just too cheap, surely.

The share price fell away after the first half profit announcement in August, so maybe there was something people didn't like, although they did reaffirm prospectus numbers.