Ann: Investor presentation, page-19

Assuming the company pays out the dividend and capital return as announced. There is total value to shareholders of 36.6c (inclusive of franking credits). Cash distributions amount to 31c.

Based on entry price of 39.5c, you are ascribing a value of 4.3c per share to the Hampers business (excl cash carried in the business and if you value franking at nil). This means the business is worth ~7.4m. (4.6x multiple of NPAT). Personally it looks cheap if they can maintain and increase NPAT over the coming year. They did purchase the business for 25m only a few years back so thats alot of shareholder $$$ gone. If they get remotely close to returning it to historical levels this would be a steal.