Thanks for the analysis. I was just wanting to check your calculations with you. If I take your future profits ($143.3m) and subtract expenses ($32.0m) and tax ($30.7m) I am left with a net profit of $80.6m which is $0.59 per share based on 136.9m shares on issue. If I add this to $306.0m of net equity at 31 December 2021 ($2.24 based on the 136.9m shares) then I get cash distributions to share holders of $2.83 versus your $3.03 in the above calculations. After the last 12c dividend it means we have $2.71 still to receive plus franking credits.
For what its worth I get future distributions of $2.65 ($2.77 before the $0.12 recent dividend).
- $290m equity post the 12c recent dividend or $2.12 per share. - $62.1m profit for 2H 2022 (to take the full year up to the $98m guided by the company at the half year results) or $0.454 per share. - $10.4m profit for 2023 (based on 20% development margin and $7.3m profit from the 2 developments sites settling) or $0.076 per share.
I find the franking credits much harder to reconcile but have am counting on at least $0.60 and hopefully a little bit more.
I've enjoyed the challenge of trying to piece together all the information from the company's various announcements. I agree with you in that the company could certainly make things easier for investors.
SDG Price at posting:
$2.74 Sentiment: Hold Disclosure: Held
