Hi CalkyYes I think their forecast is a bit underdone. I am...

Hi Calky

Yes I think their forecast is a bit underdone. I am looking for EBITDA of $26-27m, but be wary after HY results as H1 EBITDA tends to be higher than H2.

Company always provides forecasts on EBITDA basis rather than NPAT which is a bit annoying, but at least this time they have told us what the annual interest costs will be ($2.2M). On this basis I am looking for NPAT of around $13m and EPS of 7.7c. After making a loan repayment of $5m, this leaves available funds to distribute of around 4.8c. So I expect a dividend after full year results of at least 3 cps, but the possibility of 4 cps.

Regards

Westwind