23 December 2005
	Leisure & hotels CULLINAN By Michael Coulson

Fully priced, even close to year's low Ord price: 46c Div yield: 2,2% PE ratio: 18,4. Sector PE: 14,5 Market cap R330m 12-month high, 68c; Low, 41c Year to Sep 30 Turnover Rm Operating profit Rm Pretax profit Rm Headline earnings per share (c) Dividend per share (c) 2002 139 21,0 18,5 2,7 - 2003 177 17,8 19,9 2,7 1 2004 205 24,7 26,5 3,6 1 2005 230 23,3 24,1 2,5 1 % chge 12 (6) (9) (31) - Trading vol 12-month average: 6,5m/month © Financial Mail At half-time, Cullinan reported six-month headline EPS of 1,4c and said the second half should be similar. These results, though disappointing, are in line with last month's trading statement. This blamed the disproportionate fall in HEPS on a higher tax charge, which indeed soared from R1,2m to R8,9m. The outbound and touring divisions gained share in a static market; inbound and travel profits fell slightly. Cullinan is broadly optimistic and hopes new carriers, especially from the Middle East, will ease congestion on European routes. NAV is 8,5c. 23December2005