Your calculations are gibberish. Here, I'll have a go.1. Pe is...

Your calculations are gibberish. Here, I'll have a go.

1. Pe is an expression of NPAT, so you are already wrong when you say "earnings before tax", and why are you dividing it into 1? For sake of argument I'll go with your pe number of 21.85:

42.30/21.85 = 1.93/share


2. Previous two paid dividends 0.80+0.90 =1.70.

1.93-1.70 =0.23

Dividends paid below net profit by 23c.

In fact, stated eps for last half was 1.073/share, so your pe ratio assumes declining earnings. If npat stays flat (1.073*2= 2.146/share) similar to last year (2021 eps 2.141/share), then profit will exceed dividends by closer to 44c/share (2.146-1.70=0.446), and trailing pe is closer to 19.50.

The actual question is will there be an earnings downgrade (possible), and would that be reflected in a lower dividend (probably).