Hi all - I've decided to short again at just over 5.80. I've decided that the range of EPS will be from 28 to 39 cps, or PE ratio of 15 to 20.7.
Here are my midpoint numbers: First Graincorp: EBITDA; EBIT; NPBT; NPAT (assuming tax payable at 30% for sustainable figure): $85m; $40m; $14.7m; $10.3m Then Malt: $110m; $96m; $80.5m; $56.4m Together: NPAT = $66.6m No of shares: 198.3m EPS = 33.6.
You can quibble with these figures. Have used 7.5% interest, Australian tax 30%, and have not allowed for any tax free period due to writedowns and past losses.
I think this should be at approx 10 to 12 times at present - my gut feel!
Sorry if this is an annoying opinion! DYOR and please don't rely on my figures.
GNC Price at posting:
$5.77 Sentiment: ST Sell Disclosure: Held
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