OK result but FRE still carrying a fair amount of debt. Multiples look a bit on the high side IMO.
From today's FY11 result:
EBITDA = $66m
NPAT = $31m (excluding $1m in non-recurring earthquake costs)
Net debt = $154m
FY dividend = 14.5c
# shares = 153.6m
Current share price = $3.21
1. PE = $3.21 / ($31m/153.6m) = 16.0x
2. EV/EBITDA = (153.6m x $3.21 + $154m) / $66m = 9.8x
3. Gross dividend yield = 14.5c / 321 / 70% = 6.5% (75% payout ratio)