Ann: FLT 2010 Full Year Results Presentation , page-4

True they now have no net debt and a nice buffer of company cash......but that's all good......the cash flow for the year was quite exceptional

This was one of the finest results I've ever been involved with as a largish investor......just an immaculate set of numbers and growth engines.....if the commercial environment continues to improve, there is at least one profit upgrade in store for next year

Notice, their starting up heaps of profitable websites outside Australia....there is a real commitment to broaden the growth profile well before its needed

I won't sell for under $35 at this stage....that's about 20 X next years earnings and a quite sensible multiple for the quality of the business.