I get a fair value around $9.60 after Q1-11. ROE is above 50% if you use RM's valuation model, Equity is $1.00/share after Q1. With a RR of 13% and an estimated dividend payout ratio of 25% I get $9.60. Using the same valuation model but ignoring the very strong Q1 result and relying of profit forcasts on E-trade (which underestimates ROE by using ending equity rather than the average equity for a FY) it is indeed trading around its fair value. However, given that they made almost $0.16/share in NPAT for Q1 it seems that the FY11 profit forecast on E-trade ($0.44/share) is going to be exceeded by a significant margin.
welcome me aboard lads, page-6
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23.0¢ |
Change
-0.005(2.13%) |
Mkt cap ! $72.45M | |||
| Open | High | Low | Value | Volume |
| 23.5¢ | 23.5¢ | 22.0¢ | $55.45K | 242.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 113179 | 22.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 25.0¢ | 28075 | 2 |
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| MCE (ASX) Chart |
