An underlying eps comaprison: FY2018 vs FY2019F
Quote:
Originally Posted by
Snoopy
So to answer the question I posed:
"Did accounting standards kneecap the HY2019 result?"
For NZIFRS 15 the answer is 'no'. But for NZIFRS 9 the answer is 'yes'.
|
Profit FY2018 |
Profit HY2019 |
Annualized Profit FY2019 |
Reference |
As declared |
$23.360m |
$12.885m |
|
less Retrospective impairment provision adjustment |
0.72 x ($1.212)m |
|
|
My post 3980, this thread |
less Property sale gain Wiri |
|
($3.400)m |
|
HYR2019 p22 |
less earn Out payment for Autosure to P&L |
|
($0.800)m |
|
HYR2019 p22 |
less Revaluation Investment Property gain |
($0.820)m |
|
|
AR2018 p51 |
less Gain on Sale of Property, Plant and Equipment |
($1.000)m |
|
|
AR2018 p51 |
less EC Credit unredeemed voucher release to P&L |
0.72 x ($0.700)m |
|
|
AR2018 p13, HYR2019 p22 |
less MTF Shareholding revaluation |
($0.612)m |
|
|
AR2018 p67 |
less reduction in 'Buy Right Cars' earn out provision to P&L |
($2.600)m |
|
|
HYR2019 p49 |
less Life Insurance Contract Adjustments |
($2.664)m |
|
|
AR2018 p51 and p76 |
equals |
$14.287m |
$8.685m |
$17.370m |
|
Shares on Issue FY2018 |
Shares on issue HY2019 |
|
84,802,812 |
89,480,000 |
|
Normalised Annualised Business eps |
16.9c (FY2018) |
19.4c (FY2019f) |
|
At the current share price of $2.40, I have TRA on a forecast normalized PE ratio of 12.4 for FY2019. Underlying eps growth for the year should be 15%.
SNOOPY