Peter, EPS of 20 cps is still very healthy - a growth of 33% on the EPS for 2011/12. In the last year dividend cover was just over 2 times, so (if there is to be 33% growth) a 10c dividend is possible. I would be a little less optimistic on that. Last year EPS share growth was a modest 6.4% (revenue and cash flow growth higher). The current dividend yield is 3.2%, so if that is maintained on 10 cps (which is a big call IMO), than a price of $3.20 is the target. But will it be 10c?
Not to say that EAX is not a great company - both growth and value. It is my single largest holding. But is it that good?
great acquisiting, page-21
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