Cashflow? I will have a go but my info and or understanding may be wrong so treat with caution. If wrong please post your view.
Earnings/Share. See p28 of Media Presentation ASX 24/2/12
All data Aust Dollar and for 6 mths
EPS 31.7 Profit $18.5m
Without JPTD/A EPS 23.2 Profit $13.6m
10 properties ex JPTD/A worth $213m net cash flow $6.25m (1/2 of $12.5m)
Settlement Amt $154m Assuming interest at 2.37% = $1.83m
Profit on 10 properties = $4.4m
Therefore profit = $18m EPS 30.8
This assumes all of $154m is borrowed. This will not be the case as an equity raising is proposed but the above gives a reasonable indication of earnings/cashflow.
The outlook for both capital value and earnings with the settlement proposed is very positive.
The lower LTV and stabilization of property prices should result in a much higher AJA share price in the near future.
AJA Price at posting:
$2.95 Sentiment: Buy Disclosure: Held
