On my own calculations I expect the company to earn 4.1c/share...

On my own calculations I expect the company to earn 4.1c/share for 2013 and pay a div of approx 2.1 to 2.2c/share. I'm not expecting a company of this size to increase the pay out ratio any time soon. I think at it's current price it is no so much over priced but trading at fair value. Though leaning toward the fact that you are paying for next years improvement as well. The following article has some interesting things to say on valuation.
The following is an article by Matthew Kidman from the Sydney Morning Herald.

http://www.smh.com.au/business/brain-food-could-help-put-a-canny-investor-in-clover-20120926-26lil.html

The following are parts of the above article:

Clover reported a strong normalised profit of $5.6 million, or 3.38¢ a share, for the year to July 31, The company also boosted its cash holding to $9.7 million from $7.4 million.

It now trades on an historical price-to-earnings ratio of 15 times. This sounds expensive but if we deduct the cash from the balance sheet it is paying a P/E of about 13 times for the operating business.

Brown believes he can grow the business at about 20 per cent, which would mean the group is trading on a little more than 11 times 2013 earnings. Just as critically, Brown has developed products that should expand operating margins and cash flow.