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Zhongpin, Inc. Message Board

  • tflomen tflomen Mar 12, 2010 11:55 AM Flag

    It's safe.

    Bad news is out... If we back out the free government money, the real EPS for Q4 was .26 (ouch!!!). It's a good thing that stocks reflect forward performance not past. I made a spreadsheet using the following quarterly progression for 2010:

    Q1-220,876,690 Q2-226,950,799 Q3-233,191,946 Q4-239,604,725 2010- 920,624,161

    and I used 11.5% gross margin assumption (the company uses a 12% in its own guidance)

    I used a 5% SG&A assumption (exactly consistent with Q4 '09 - the average for '09 was 4.5%)

    Tax rate = 8%
    Shares Out = 34.5m
    Government grant = $0

    EPS = Q1-0.38E Q2-0.39E Q3-0.41E Q4-0.42E Y1.62E

    If the company makes good on its goal of improving profitability then there are upside to these numbers.

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