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16 November 2001
FINANCIAL SERVICES
METTLE
| NOT MUCH POINT NOW |
Ord price: 59c Div yield: 2,4% PE ratio: 4,3. Sector PE: 6,8
Market value R402m 12-month high, 95c; Low, 45c |
| Six months to | Turn- over Rm | Operating income Rm | Pre-tax profit Rm | Headline Earnings per share (c) | Dividend per share (c) |
| Sep 99 | 55,1 | 50,8 | 33,3 | 6,16 | 1,08 |
| Mar 01 | 84,6 | 59,7 | 70,5 | 6,94 | 1,22 |
| Sep 01 | 106,7 | 99,0 | 40,7 | 6,92 | 1,4 |
| % chge | 94 | 95 | 22 | 12 | 30 |
| Trading vol 12-month average: 8,38m/month | © Financial Mail |
These may be Mettle's swan song numbers before it delists - and they are the type to make punters call for an encore. Mettle has not had the best of times; investors have been wary of its aggressive tax-efficient structuring business. But it has delivered good earnings in its brief history, with revenue growth showing something of its potential. The buy-out must still be approved by minority shareholders. It is proposed that they bow out for 60c/share, against NAV of 52c. With EPS growth restrained by the dilution effect of the purchase of Greenwich, they may be keen to accept, even if some feel the offer is ungenerous.
16November2001
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