new microequities report, page-6

Hi Kori - for FY13 it assumes no further write-down in Soy. Similarly I have not accounted for any upside from this point i.e receipts from sale once the money is in the bank.

There are some key reasons for $0.039 EPS forecast:
- I believe FY13 sales will grow ~25% (risk to the upside)
- based on FY12 sales this will bring us to ~$47Mill
- I am forecasting margin deterioration to ~37%;
- Higher R&D, higher commercialisation expenditure into 'medical' and/or IP licensing opportunities, continued high dollar.
- bottom-line NPAT of ~$6.4Mill

Taking a conservative view; NPAT of $8Mill (43% Profit growth from normalised FY12 NPAT of 5.6Mill) equates to $0.048 EPS. Even this implies 11.5x earnings (PE). Still not 'cheap'.

Having said this, its a different story if you had accumulated around 16.5c. Your yields alone would be reason to hold. We were both in and accumulating around this time kori.