Huntleys i have access to as well, and what huntleys have done is they HAVENT ADDED THE EXTRA SHARES to the existing capital base!
HUNTLEYS FORECASTS 10% increase in NPAT, i.e from 106 to 116.6
He also assummes that only HALF the shares will be taken on by the retail offer.
i.e 160mill extra shares @ 1.25 were issued to instos to raise 200mill, and if HALF the retail gets taken up, thatll be an extra 40mill shares @ 1.25 to raise an extra 50mill
So all up 200mill shares will be issued at 1.25 (160mill to the instos and 40 mill to retail)
So on this assumption EPS is 116.6 NPAT/492mill shares =
0.237 or 23.7 cents per share!!!!!!
WTF is huntley thus saying theyll make 0.38 or 38 cents per share???
*** You get 38 cents per share if you DONT add the extra shares!!!
i.e 116.6/292 = 0.399 or 39.9 cents per share
***huntleys hasnt added the extra shares to the share capital it seems!??!
WHY!
"We conservatively expect only half of the retail shares on offer to be taken up. We slightly revise down our near-term Australasian growth forecasts. Our FY09 NPAT forecast drops from $119m to $117m. FY09 EPS falls from $0.60 to $0.39. We anticipate 16c dividends this year, providing an attractive 12% fully franked yield. The share price is undervalued for higher risk investors on a long term view. We recommend shareholders in this category take up their Offer entitlement. "
how the F Mr Huntley do you get 0.39 EPS???
Oh yeah, you forgot to add the friggin placements!
TSE Price at posting:
$1.32 Sentiment: None Disclosure: Held
