You people make things too complicated.The following doesn't...

You people make things too complicated.

The following doesn't account for dividend payouts. I assume the ROE numbers from CommSec have accounted for this.

ROE (Return on Equity)
---------------------------- x EQPS (Equity per share)
pRR (pre-tax Rate of Return)

From CommSec EPS and Financial data, 

In 2006/7:

    0.13
    ---------------------- x 2.416
    0.0725 (RBA cash rate)

    = $4.33 FV

So 2007/8: 

    6.40 eps
    --------
    23.0 eps

    = 0.278 x 4.33 

    = $1.20 FV

So 2008/9:

    7.40 eps
    -------- x 4.33 
    23.0 eps

    = $1.39 FV

So 2009/10: 

    9.8
    --- x 4.33 
    23

    = $1.84 FV