ok im sorry, ive had a closer look and on top of my head with a few quick calcs i see that dyno nobel full yr profit wouldve added an extra say 130mill in net profit
they made 614 net profit
shares outstanding go up 440mill from 1360mill to 1800mill
Equity goes up to 4246 mill from 3146mill if we add an extra 1.1bill in equity
Current EPS is 614/1360 = 45cent adjusted or 657/1360 = 48cents
huntleys or comsec use the adjusted NPAT of 614mill
EPS reported tho was 61 cents
return on equity using 614 NPAT/3146 (equity pre dilution) = 19.5 %
anyways if we add an extra 135 mill from dyno noble in NPAT for the extra 8.5 monmths:
net profit becomes 614 + 135 = 750mill
EPS is 750mill/1800 (440 mill extra shares issued @ 2.50 on top of the existing 1360mill shares) = EPS of 42 cents
ROE is 750mill NPAT / 4240 (adding 1100mill in equity to 3140 mill in equity) = 17.7%
ROIC n ROA i gather will move toward the ROE since theres less debt and more equity now. So those figures will look good on a profit of 750mill
*** So if my figures are correct, IPL looks good fundamentally
Im sorry!
Even if profit goes down circa 30% to 525mill
ROE is 525/4240 =12.4% which is in the 12-15% range and a decent to good return on equity considering theres a 80% equity to debt mix now.
If my figures are correct ( ive done them quickly) then IPL aint that bad at all.
Sorry
If my figures are wong again :), plse someone tell me! :)
*** According to huntley dyno EBITDA was 293mill for 12 months
only 3.5months were included or $85.45 mill in EBITDA from dyno
Had a 12 months worth of EBITDA been taken, an extra 208mill in EBITDA wouldve been added
taking 65% of this EBITDA to take into consideration tax plus depreciation/amort, an extra 135mill wouldve been added to net profit
So thats where i got the 135mill extra
6.15 + 135 = 750mill NPAT
***If profit goes down 40% due to lower DAP n explosives, we get npat 450mill
EPS = 450/1800 = 25 cents per share
ROE would be 450/4246 = 10.6% (not great)
thats what the market is pricing!
if ive made a mistake again plse someone make the correction - this is all from very quick calcs .
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- sorry fundamentals still ok to good
sorry fundamentals still ok to good
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