valuation?, page-7

Hi Spindel.

So you use Roger Montgomery's Value.Able method to value shares hey?

Couple of questions
1) Equity of 73.4.... is that starting, ending, avg equity?
2) What payout ratio you using?
3) Do you make any allowance for 20M tax losses as at 31/12? (another 1.5 odd years of no tax)
4) Do you take any consideration of synergies / income / growth for the DSA acquisition
5) What do you think RQLs growth prospects are after FY11? Not much I guess based on your ROE changes.

Using the RM rules the current price may not be in his price range to buy, but if the growth is as I expect, I personally think this stock will do very well. i.e. I believe ROE will increase at a rapid rate, which will change valuations performed via RM calcs drastically. Hence I own and would still buy at these levels.

Anyway different views make a market.

What other stocks are you looking at, any bargains?