Not quite, this was a before tax profit. Assuming after tax...

Not quite, this was a before tax profit. Assuming after tax profit will be $46 mil less approx 30% (it will be ~28%-32% dependent on DTA/DTL) we'll have after tax profit of approx $32.5 mil, giving us EPS of about 10 cents and a P/E of approx 13. Assuming a 90% payout like last year we'll be in line for approx 9 cents per share dividend for the year, a div yield of around 7%.

This would have us in line with recent P/E and div yields, but with such strong performance this year hopefully the market will think we're worthy of better multiples. Nabtrade have the industry average P/E at 16.97x. The SP would be be $1.70 if we could get to this benchmark, ~22% upside.