grr is way undervalued with a pe of only 1 !!!, page-2

Gassin,

If you check the last two years annual report it shows:

YR Sell Price/Ton Net Profit after tax
2011 $206 $166m (note)
2012 $144 $36m
2013 $140 Profit to 30 June 2.5m

Note in 2011 there was a 50m extra payment for shipment price agreements going back to 2010. SO I took the 50m off the profit.

Costs for 2013 should be near 2011 and better than 2012

Given these and some restructure costs of dumping the MD and closing Perth office would guess NPAT comes in around 30m to 50m with the second half delivering the profit and probably another 1c divvy, but 2014 is looking good so much so I topped up as a New Years gift to myself as I expect 2014 for GRR to have a good year and see SP recover to more normal levels with improved divvys being paid maybe not the 5c paid in 2011 but probably around 3c which if SP recovers to low 40s would be a nice divvy return for a stable business.

THese numbers are just my guess at looking at last few years results so as always DYOR