hey great one, I'm still tryingto fine tune my spreadsheet, so probably a couple issues in there.
I'm trying to model it off the actual reports.... and have come veryclose in previous years.
I think royalties are fine, but its the ammortisaion I mightbe screwing up???????
I think you need to subtract depreciation and amortisaion as well, becausewe pay dividend on NPAT, which is after D&A right? (i have no financebackground, so apologies if wrong)
Major changes for the $80USD Platts case is our C1 is currently higher& royalty lower.
Basically ......
- revenue is $10 Bill
- Costs are $5B, (c1+shipping+roylaty+admin)
- depreciation/ammortisation/other costs/interest are about $1.5B,
- tax is $1B,
- leaving about $2.5B USD or about $3.4 AUD available for dividends,
- x 80% = about $2.7B available for divies.
Mudcrabs spreadsheet might be better ???
FMG - the bull case, page-31
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