"what is the PE of this stock?" It's still high: ~33x, by my...

"what is the PE of this stock?"

It's still high: ~33x, by my reckoning.

Here's the crude maths evolved from the segmental EBIT line, using FY2024 as the starting base (all pre-NRIs):

FY2024 EBIT:
Asia Pac = $561m
UK = $161m
France = $90m
Nordics = $73m
Group = $885m
Less: Interest Expense = $613m
=> Pre-Tax Profit = $273m
=> NPAT = 191m (applying normalised tax rate of 30%)
=> EPS = 83cps (230m shares on issue)

For prospective P/E:

FY2025 EBIT:
Asia Pac = $600m (assume +7% growth on pcp)
UK = $160m (+6%)
France = $110m (+10%)
Nordics = $80m (+10%)
Group = $950m
Less: Interest Expense = $600m
=> Pre-Tax Profit = $350m
=> NPAT = 245m (applying normalised tax rate of 30%)
=> EPS = 107 cps (230m shares on issue)

=> P/E = 34.80 / 1.07 = 32.7 times

Needless to say, this sort of assessment is somewhat rudimentary, so should be considered as being merely indicative, and by no means prescriptive.

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