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It should be noted that CWT's bottomline for FY10 was boosted by the divestment of CWT Cold Hub and Commodity Hub to Cache Logistic Trust. This net them 369 million. After paying off some debts, 2009 dividends and some bonus for the staff, they still have ard 192 million. [Source]
That's why you see a big jump in their net earnings, EPS etc.. which ultimately makes comparison of their PER to their peers a little less meaningful. Without the divestment, their PE does not look that spectacular.
The company also does not have a FCF for the last 5 FY from 2006 to 2010: (46,215) (113,659) (56,349) (22,472) (43,693)
but gross margin has been consistently above 10% for the last 4 FYs: 10.8% 11.1% 13.9% 13.3%
My quick calculation:
Gains from cold hub + commodity hub = 147,600,000
Net earnings (minus gains) = 31,367,000
Issued Share capital (31 dec 2010) = 588,814,239
EPS = 5.32c
PER (based on 31 Dec 2010 price $1.00) = 18.8
PER (based on last done price of $1.33) = 25.0
That's why you see a big jump in their net earnings, EPS etc.. which ultimately makes comparison of their PER to their peers a little less meaningful. Without the divestment, their PE does not look that spectacular.
The company also does not have a FCF for the last 5 FY from 2006 to 2010: (46,215) (113,659) (56,349) (22,472) (43,693)
but gross margin has been consistently above 10% for the last 4 FYs: 10.8% 11.1% 13.9% 13.3%
(29-04-2011, 12:44 PM)Nick Wrote: If we exclude the one-off gains made from the monetizing of properties to Cache REIT, what will its PER be ? CIMB issued a bullish report recently.
My quick calculation:
Gains from cold hub + commodity hub = 147,600,000
Net earnings (minus gains) = 31,367,000
Issued Share capital (31 dec 2010) = 588,814,239
EPS = 5.32c
PER (based on 31 Dec 2010 price $1.00) = 18.8
PER (based on last done price of $1.33) = 25.0