Quote Originally Posted by Lizard View Post
Assuming an unexceptional Christmas period, I would think heading for about $23.8 - $24.1m NPAT for FY11 (excluding effect of extra $2.6m tax).
Result came in at $24.1m NPAT excluding the extra tax. The upside of the result was the extra 1.0cps of imputed dividend and the strong cashflow that has left them with over $82m of cash in the bank - some of it explained by seasonal factors.

There must be some headwinds for BGR in the coming year, but they are performing solidly and producing good yield (9.2% including imputation at $1.40 s.p.). Plus the extra cash in hand and rollover to another 12-month period pushes my valuation to $1.60/share so I'll probably keep holding for now.