Must say I'm surprised that SEVPC hasn't rallied since the RBA announcement today. Given that the 6 month BBSW now sits at around 3.78%pa, we're looking at a grossed up dividend of $8.53 per TELYS3 assuming SEV steps up the rate from May 2010 (plus $6.28 in dividends until then).
At a share price of $96, the yield will be 6.54% gross until May, and 8.88%pa thereafter, plus upside of 4.2% in capital growth to hit fair value of $100.
