looking good, page-9

Refer to the demerger booklet from last year for guidance on TAH's dividend payout ratio.

Then look at the performance of the continuing business to get an idea of future dividends, ie exclude casinos and gaming.

Whilst TAH will still have some income from gaming with it's keno operations and services to pubs & clubs for their pokies business I would ignore those in calculating company ebit/profit in order to get a conservative figure.

With a company like TAH I'd rather underestimate as it is hard to see where their growth will come from in the short to medium term.