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MYS - MYSTATE LIMITED


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Going up and more directorÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s purchasing shares!!! What is brewing?

 

 

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I think they're great value at the moment. They made around $22m NPAT normalised last year after taking into account the one-off merger costs. Next year the forecast (from Bell Potter) is for $24m. Based on the mid-point of their stated payout ratio that's potential EPS of 35.5c and DPS of 28.5c. At $3.23 a PE of 9.1 and FF yield of 8.8%
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I think the company constitution imposes a 10% cap per shareholder. However this can be changed with the support of 75% of shareholders. I'm in MYS because it's fundamentally great value compared with any other listed bank in Australia. Any corporate action would be a bonus
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