MEL - Meridian Energy

[Sideshow Bob]

Are these figures for real. P E 50, EPS .095, Yield 5.1%. (5.1% of $4.80 = .24 c)
How can this be?

Fundamental

P/E	50.000
EPS	$0.095
NTA	$1.720
Gross Div Yield	5.130%
Securities Issued	2,563,000,000

These are off the NZX, right?

Without referring to annual reports...….MEL would pumping out huge free-cashflows (EBIT - tax + depreciation - change in working capital - capex). This would account for their dividend % compared to the EPS, and the PE ratio (which would be say $4.80/$0.095).

NTA would be based on the book value of their assets, and largely irrelevant. Not sure what the depreciation rate would be but those dams should be there for a long, long time - with not a huge amount of capex. Gives a value of about $4.4b for their assets - the replacement value would be much, much, much more than that.