If solar comes off, U will be next to irrelevant to the SLX valuation. Having said that, I have allowed myself the luxury of calculating likely dividends if U comes off, along these rough lines.
1 SWU = US$120.
12% royalty
US$14.4 royalty/SWU.
1M SWU = US$14.4M
= roughly US$0.10/share p.a.
Assume US$1 = A$1
=A$0.10 EPS
Tax = 30%.
Earnings = 7 cps/1M SWU.
Divi = 70% = 5 cps/1M SWU (rem, no 'stay in business' cost for a royalty, so payout can be higher, potentially near 100%)
6M SWU by 2015-16.
= 30 cps and rising (in today's $)
For me, that will be enough.
slx something is up, page-4
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$4.21 |
Change
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Mkt cap ! $997.2M | |||
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