Ann: Trading Update Announcement and Presentation, page-13

I do not see any problem with their dividend policy. Pretty standard stuff for management to be balancing capital needs, debt and dividends at the same time and PSQ is no doubt growing fast yet has only $5M in debt, which is hardly demanding. I do not mind if a company uses debt to grow, it is better then equity.

The trick with this stock is to judge when the fast physical growth in dental centres will translate into more substantial earnings growth. There is a mismatch between growing earnings at a very steady 10% per annum and its high P/E of 25.

When PSQ recently hit $1.70 I was waiting for it to head alslightly lower where I wanted to buy but it wasn't to be. It's trading update in the profit release didn't really suggest earnings growth rate is going to change so it looks like this will stay as one of those expensive, hard to buy stocks.....

Gosouth