MCP could be a very attractive proposition at the current price....

MCP could be a very attractive proposition at the current price.

At the 1st half presentation on 24 Feb management advised they expect the full year underlying profit to be 5%-10% above 2014. All things being equal this implies a NPAT of around $15.7mio. Assuming a "modest" 65% payout of $0.105c, this gives a yield of 10.1% net, or 14.4% gross.

I am much more pessimistic than management (given their past track record of delivery) and see the full year NPAT coming in at around $13.7mio (down 7% yoy).

Full year dividend would be $0.09c but this still gives a net yield of 8.7%, or 12.4% gross.