RE: Holidays well and truely over17 Oct 2018 14:39
Non US earnings in 2017 were 106.8 million. At 14 x that is 1,495 million, and dividing by the 706 million shares in issue produces a price of 2.11 per share. Add on the 1.03 per share paid for the US operations and you get a total of 3.14 per share. All prices quoted are in Sterling. The current share price, on this basis, would appear to be nonsene and probably reflects nothing more than the markets opinion with regard to how the BOD are handling things (the special dividend for instance is one of the most tax inefficient value destructive proposals ever put forward by a BOD).