Ann: Annual Report to shareholders, page-6

Ahh I see, outlook is for 5.9% next couple of years on CommSec because of the accounting changes.

At 10% CAGR on that 18.4 after 5 years you get 30c. Some economies of scale and a couple hundred million more in the loan book you never know

Though anyways, surely this thing should be on a market average multiple of 15 or 16 at least, given the growth is has demonstrated and is reinvesting to deliver in the future. I guess that's what your hitting on.

For the record I worked of 10% CAGR and got $4.5 or a PE of 24.5 for that growth. Not unreasonable if you look around the market, though unlikely.