Even if QRN have to pay about 6% (on the high side I would think), after tax this is about 4% roughly equating to about 2cps unfranked.
Knock off 12% approx of the market cap in shares and you get a one-off uplift to EPS of about 2c approx. Cancels out in the first year. However the earnings growth is about 15% - and this earnings growth is now attributing to 12% less shareholders. So due to laziness I am adding that 12% IMO to the previous SP of 3.47, and letting debt and uplift in earnings growth after year 1 cancel each other out. So about $3.89 is my ballpark target. Maybe you could subtract something for the higher gearing. The future performance is unknown etc etc. i.e. The trajectory of EPS will be 12% higher now after the first year.
Also there is now the substantial removal of the perceived overhang. Should add a margin of safety to my simple calcs.
