Ann: CCA 2013 Full Year Results , page-17

If you look at the history you will see it reached a pe that would be the equivelant of $9ish. So that would be a good reason to say it'll go lower. The other fact to consider is their long term growth in eps will be knocked back by a year of -ve 9% growth and a forecast of 1% growth for next year. Don't get me wrong. I think this is a great company but I also think it could sell at a cheaper price based on the history of mr market. I feel like it'll drop a fair bit after the dividend.

Also worth noting the franking on the dividend is falling. This means despite having the se pre tax value, the dividend is down by 10%