Ok, let's assume a similar 20% fall in earnings from 20c to 16c....

Ok, let's assume a similar 20% fall in earnings from 20c to 16c. At $1.15 that's a yield of 14%. Dividends of 11c per share could be maintained at almost 10% dividend yield. At current prices only a sustained (i.e. not a one off or two) of more than 50% in earnings can justify the current share price. Negative market sentiment (i.e. fear) is driving down prices, not fundamental valuations. Based on June 07 numbers, Boom is trading at a significant discount to net assets (1.69 vs 1.15).
Personally I'm waiting for the next results and/or earnings guidance before I do anything further with this stock.