Thanks Sparky and Snoopy for the analysis, and as both of you suggest that the market is not very excited with the 2.2c div, and the rest.
Printable View
Thanks Sparky and Snoopy for the analysis, and as both of you suggest that the market is not very excited with the 2.2c div, and the rest.
For the operating HY2013, I get:
$4.829m+ (1-0.28)[ $2.981m +0.577m ] = $7.391m
This removes the after tax effect of the non-operating earnings that are one off write downs (note 4) and the fair value adjustments (note 5) that are also distortionary. If I remove the 0.72 tax adjustment factor then I get $8.3m as First NZ have stated.
If my calculation is correct I will give myself a C- for accuracy of my first half prediction. I predicted $8m rather than $8.1m if you look back) I am afraid Sparky, that means you get a D on this one.
SNOOPY
I never expected a great year in FY2013 Sparky. So while the short term outlook may have weakened, I do not hold PGW for the short term. I want to see what PGW can do with Agritech, and how things go in South America. In the meantime I will wait for that PGW share price to gain a 3 in front of it (post divi) and look to pick up some more shares around NTA later in the year, if the opportunity arises.
SNOOPY
Operational result is not great.
Profit improvement all from lower interest cost.
Relax though guys.
Payment of dividend means company has well and truly walked through the valley of debt/death. Banks would not be happy to allow dividends if balance sheet is not in good shape.
Focus can now shift well and truly into operational efficiencies and improvements.
I always take a company resuming the payment of dividends as a 'buy' signal. Served me very well in the past.
During the call this morning, George stated that "special dividend' in the report was a mistake and that it should have stated "interim dividend"Quote:
I note the 2.2c was declared today as a 'special dividend'. I take it from that that PGW have not resumed 'normal dividends' as yet.
SNOOPY