broker reports are coming out now reflecting the impact of the SPP.
forecast one year out earnings coming in around 15-16c per share. Dividends around 13c.
If yields drop down to around 5% in the future as I expect, then at 13c this would see a share price of around $2.60.
now this is risk that future retail trading will become much worse than currently anticipated leading to lower earnings and lower dividends.
but at a SPP price of $1.48 against a potential future price of $2.60 I believe gives quite a margin of safety, especially given the SPP will be used to pay off debt, leading to conservative gearing of 26%.
Long Term Good Buying Opportunity, page-2
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