tattersalls value, page-4

hmm well on forecast fy 06 divvy of 15cps that's a yield of 4.7% on a share price of $3.20 for starters ... add to that the fact 90% of tatt's earnings could just disappear altogether if it's licence renewal application is unsuccessful around 7 years from now ... and the fact that other blue chips are yielding just as good or better without the prospect of a sudden collapse of nearly all its earnings less than 10 years from now (telstra for example is paying 34cps div on a share price of $5.04 for a yield of 6.6%, doubt the company will just go up in smokes 7 years from now) ... maybe i can see some reason why the analysts are putting such low valuations on the stock ... just my opinion ...