Mate :), just do the damn sums, if theyll make an EPS of close to 30cents per share (that assumes 10%+ NPAT growth) , then at PE 5, the stocks worth $1.50
Man, theres JUST TOO MUCH DEBT STILL!
Assuming full take up of retail offer, therell be 556mill in debt! Net Debt/equity is STILL 71%! Thats still too damn much!
Shares outstanding on both comsec and westpacbroking say 291mill shares. NPAT we were told will grow by 10% to 116mill in 2009
116/291 = 0.398 cents per share
BUT THE SHARES OUTSTANDING ARE PRE THE ADDTITIONAL SHARES DILUTION FROM THE INSTITUTIONAL SHARE OFFER AND THE RETAIL SHARE OFFER
160 mill have been sold to instos i believe st $1.25; Assume HALF the retails taken up - thats abn extra 40mill shares @ $1.25 to make $50mill
So we need to add 200mill extra shares
******EPS post dilution is : 116mill NPAT/491mill shares = 0.236 or 23.6cents per share
Give a PE 5 = $1.18
Give PE 6 = $1.42
Give PE 7 =$$1.65
*** I was under the impression that TSE had 198mill shares though??? Could comsec and westpac broking that get their info from ASPECT HUNTLEYS br wrong????!!!!!****
Someone plse HELP??
TSE Price at posting:
$1.60 Sentiment: None Disclosure: Not Held
