all time high, page-6

This is just a dream company.

Vaughn is a legend ;-)

The market is sooooo dumb...but one day soon the herd will wake up.

Happy to bide my time and reap the ever increasing dividends.

Check out www.fusioninvesting.com review by Dean Morel.

M2 Telecommunications (MTU.AX) delivered strong results across their businesses in 2009-2010. With underlying EPS up 72% to 16.7cents on the back of the People Telecom acquisition and organic growth. 2011 forecasts were strong with underlying EPS targeted in the 20.7-22c range.

With the current price of $1.80 youre buying earnings growth of 28% for a P/E multiple of 8.4, which is an appropriate multiple of a no-growth company. In others words, current buyers are getting all M2s growth for free. Alternatively the market believes M2 is not going to grow in the future despite their excellent management, strong history of growth and strong position in the changing telecommunications market. I think the market is wrong.

The final dividend is 5c bringing the combined 2010 dividend to 10c, an 82% rise on 2009. That represents a fully franked yield of 5.6%. As M2 has a stated 70% payout ratio the forward dividend yield is 8.3%, based on their eps and payout guidance

SD