like watching paint dry., page-4

Agree re wrong forum. This released by Macquarie within its research note this morning.


Fig 1 1H12 result expectations
$m 1H11(a) 2H11(a) FY11(a) 1H12(e) Change 2H12(e) FY12(e)
Revenue 212.8 193.3 406.1 212.9 0% 195.5 408.4
EBITDA 29.1 18.3 47.4 28.4 -2% 19.9 48.0
Depreciation 3.6 3.6 7.2 3.6 0% 3.7 7.3
EBITA 25.5 14.7 40.2 24.8 -3% 16.2 40.8
Amort. of goodwill 2.1 2.2 4.3 1.0 -51% 1.1 2.1
EBIT 23.4 12.5 35.9 23.8 2% 15.1 38.7
Net Interest expense 2.5 1.9 4.4 1.5 -40% 1.9 3.4
Pre-Tax Profit 20.9 10.6 31.5 22.3 7% 13.2 35.3
Tax Expense 6.8 3.1 9.9 7.1 4% 4.1 11.2
Net Profit 14.1 7.5 21.6 15.2 8% 9.1 24.1
Net Abn/Extra 0.0 -3.5 -3.5 0.0 0.0 0.0
Reported Earnings 13.9 3.9 17.8 15.0 8% 8.7 23.7
Adjusted Earnings 15.8 9.7 25.9 16.2 3% 10.0 26.2
EPS (Adj/dil) 5.9 3.6 9.7 6.1 3.7 9.8
EPS growth -7.0 -14.6 -8.7 2.7 2.4 1.1
DPS 3.0 4.0 7.0 3.5 4.0 7.5
EBIT/Sales 11.0 6.4 8.8 11.2 7.7 9.5
Seasonality 61.0% 37.6% 62% 38%
Source: Macquarie Research, January 2012