AUD Impact, page-34

Hi Jacobite. Yeah, by my numbers, current metrics look roughly like this:

- PE: 14x ; grossed up div yield of 7%
- cash adjusted: PE: 13x ; grossed up div yield of 8%

To me this indicates that market is saying FLT will grow at below GDP rates. I suspect unwarranted. At current dividend payout rates of 70%, there is some, though not too much, room for dividend growth just based on increasing the payout.

I guess the market is nervous about whether or not a "traditional travel agent" still has a future. I personally feel that the FLT model will survive, but if it dies a slow death, I suspect we will earn more in the process than if the money was in many alternatives.