Thanks for the tip on the Treasury shares. That knocks 2.5% off everything And, you found an issue caused by a bug in my spreadsheet. I had over-spent $16m on unfinished projects. That gives us a 3% boost
Here's an amended set of estimates...
Investment Properties
20.3
1
Undeveloped land being sold
169.9
2
Current value of under construction
309.0
3
Property in 2021 report
499.2
4
Still to spend to finish projects
310.6
5
Total spend on properties
809.8
6
7
Profit on future sales
201.1
8
2.5 years of admin
-40.0
9
Carried forward capital loss
-27.0
10
Tax to pay on future profit
40.2
11
12
Franking credits now
74.4
13
Credits after future tax
114.6
14
15
Flow to shareholders:
16
Sale of undeveloped land
223.9
17
Sale of Homes, retail, investments
786.1
18
Franking credits
114.6
19
less
20
Spend to complete
310.6
21
Admin
40.0
22
Debt
168.9
23
Other net liabilities
45.7
24
Future Tax
40.2
25
Net ($m)
519.2
26
per share divs
$2.96
27
per share credits
$0.84
Please keep in mind I've just pieced this together from many (often conflicting) reports and announcements. I may have made incorrect assumptions or just added stuff up incorrectly. Do your own research.
SDG Price at posting:
$2.48 Sentiment: Buy Disclosure: Held