FLT# of shares=99.8mil, assume SP=$20management forecasts full...

FLT

# of shares=99.8mil, assume SP=$20
management forecasts full year Profit Before Tax range from $220mil to 240mil. Here I take the worst case they give which is $220milliion PBT.

so NPAT=220*0.7=$154
EPS=NPAT/# of shares = 154/99.8=$1.54
PER=$20/$1.54=12.96

however, in the half year report, there are $721mil cash position and the long-term borrowings are only $71mil which means the net cash position= $650mil

so that each share holds=$650/99.8=$6.51net cash

If we deduct that net cash in each share, we may only pay $13.5 per share OR PER=8.75=13.5/1.54 to buy a stock with ROE>20% this year and the growth sales.

I don't know what else important things as those above are the very beginning basic idea I got from the half year report.

Anyone give some more tips about FLT pls??????