Firstly IMHO dividends are paid on past performance not the order book going forward (which I agree looks fantastic) & not sure what their work load was in the year to 30 June. Secondly they are not only builders but also investor/developers so I suspect they may write down some value off the property portfolio for prudential reasons. This figure is a figure that may or may not reflect reality but will have an effect of lessening the top line profit figure. I suspect the work profit will be very healthy & they'll (unfortunately) make a significant allowance against property 'losses'. I suspect div may be somewhat less than your figure & that share price real value is closer to $1.65 > $1.90. The up side is that as quickly as those properties can be valued down, in a year or two they will bounce up again and that combined with the profit from the billion dollar order book will supercharge the share price.
WTP Price at posting:
$1.50 Sentiment: ST Buy Disclosure: Held
