Being beaten with a slice of lemon wrapped around a large gold bar
Quote:
Originally Posted by
Roger
See post 3993 above. Nobody's taken me to task over my figures....
See this post.
Best Wishes
Paper Tiger
Hounds don't trust dividend feeds propped up by low tax rates
Paper Tiger - You didn't debate the numbers per se, just accept the directors word for it that NPAT will be similar...something I'd already read but was looking past what I think may be a little optimistic.
You'll have to forgive the hound for being naturally cautious in this soft market. So you accept at face value that the artificially low tax rate can continue and we won't revert to the full tax rate as in FY15 ?
Such blind faith in directors based on unusually low tax rates. The same directors that trumpeted a marvellous 20% increase in net profit in Fy16 without actually highlighting the entire profit increase was due to a much lower tax rate...Hmmm. These low tax rates can go on forever... right ?
I invented the COMEFROM instruction
Quote:
Originally Posted by
RGR367
And finally as in old software programming, a GOTO loop :p
The GOTO is dead, any decent programmer will write
whille(true)
{
AdNausem();
}
Best Wishes
Paper Tiger
PS: Commenting code is for wimps :t_up:
Waiting for the Trolls movie to start (scored free tix)
Quote:
Originally Posted by
Roger
Paper Tiger - You didn't debate the numbers per se, just accept the directors word for it that NPAT will be similar...something I'd already read but was looking past what I think may be a little optimistic.
You'll have to forgive the hound for being naturally cautious in this soft market. So you accept at face value that the artificially low tax rate can continue and we won't revert to the full tax rate as in FY15 ?
Such blind faith in directors based on unusually low tax rates. The same directors that trumpeted a marvellous 20% increase in net profit in Fy16 without actually highlighting the entire profit increase was due to a much lower tax rate...Hmmm. These low tax rates can go on forever... right ?
If you care to read back on this thread you would notice that I stated that the relationship between EBITDA and NPAT for PGW was nearly as mecurial as.... and a bit of caution was warranted.
I then pointed out that normalised FY16 was the same as FY15.
So we start this year with an estimated EBITDA range $1M higher than last year and the statement about NPAT. I also said I was 'fascinated' by such.
Now strangely when you like a share (mentioning no airlines) you seem to regard the directors as wonderfully infallible people. Me I know that all humans are only human.
However I presume that some competent accountant type in the company has assured them that the wonderfully complex arrangements of PGW will result in a reduced tax amount for this year similar to FY16 and also FY14, so they have told us this.
I as always, work out a normalised value.
It can be interesting to look at the cash-flow statements and see how much cash they have given the tax man.
So going forward they have made a commitment to put (extra) money in to the pension funds over the next few years and somehow the funds took a hit this year (probably overweight AIR :p). Moving money into the fund does not affect profits but the performance of the fund does.
Where we end up at the end of the year depends upon the ups and downs of farming, so, as they say, if you can't stand the smell get out of the cow-shed.
Best Wishes
Paper Tiger