Ann: FY2018 Preliminary Results - Record Portfolio Growth, page-33

There is nothing negative in that Madam its a v good question.
For me, the negatives are:
Australia is a relatively mature market (although in spite of that they did record excellent growth again)
The underlying dollar numbers relating to the exponential growth in the USA are relatively small at this stage.
NEA does not have a monopoly in this space. There are plenty of competitors and margins could (will?) fall over time.
A lot of the future growth potential is already priced into the SP.
Just my opinion (and I usually get it wrong....)

What a great day though! Pass me the Bollie! The magnum si'l vous plait garçon.