KMPG site has 26.5% combines fed and prov rate for ontarioon active business income. This is what I use on my calc. Also of note ignoring the tax carryforwards etc if you take q2 adj EPS 4.28. Annualize that and you are talking 15 dollars eps.
AND THAT IS WITH A STEEL PRICE OF $1030 US tonne!!!!!! So after a couple more hudge quarters of say, 7 eps q3 and 5 in q4, that's 12 bucks a share cash coing in the door. NOW SAY hrc goes down to 1030, fine. THATS STILL 15 BUCKS EPS---knock off 26.5% for taxes and you are talking $11 EPS A SHARE!!!!
-Stock is 40 bucks today---knock of 12 bucks worth of cash that the company will be sitting on at end of year and the EV value of the company is $28 DOLLARS CAPABLE OF EARNING 11 BUCKS A YEAR IN A 1000/TONNE STEEL ENVIORNMENT. OR 2.5 PE MULTIPLE.
Also of note their is very little cap ex going forward, leaving the company at fully taxes 40% free cashflow yield, if you take the current share price and net out the 12 bucks a share in cash that the company will have by year end. ASSUMING $1030 A TONNE HRC NOT THE CURRENT 1800-1900.