It is extremely encouraging to see the US profit trend, and that...

It is extremely encouraging to see the US profit trend, and that the company is highlighting it. It is mouthwatering to think the US  could match
 Australian profits. Then what? one cant help but look at the relative population size and let the imagination run a bit.

I haven't had much success in attaching charts before but if this should work it shows the contribution the US has made to FLT profits since 2010. I have used "rolling annual" EBITDA which smooths the data but gives a better visual representation. 




My analysis indicates that FLT has returned a Compound Annual Growth Rate of >15% (with gross dividends included) in the 21 years to 30 June 2018. If the overseas operations can continue to develop there is a good chance of a similar return in the decades to come. The company has forecast an underlying profit (before tax) of at least $390M for 2019. You are effectively paying under $41 (shareprice $42.70 as i post) given the upcoming dividend cash-back. This puts the company on a PE of around 15x which, in light of international growth potential seems reasonable..