RYM - Ryman Healthcare

[winner69]

Yes but how much of the NPAT is capital gain? If you are basing RYM on PE, you have to price in year on year capital gains similar to this year. If value of assets stay the same year on year, NPAT would fall. It is conceivable that NPAT could fall and underlying earnings continue to grow. I imagine if this was to happen, RYM would pay less tax because there were no capital gains, this would increase cashflow and potentially go into jthe dividend pool.

zaphod - not too sure what you really saying here.

As I have said before I prefer using real NPAT (including unrealised fair value adjustments) and the basis for valuation is Book Value.