Ann: H1 2019 Investor Update, page-11

Trying to play devils advocate and look at the bear/sellers case, I think the main 'issue' with LGD is the perceived quality of earnings. Although the last 2 years have been brilliant in terms of revenue and profit growth, how far out can we imagine LGD will continue to grow for? As you and I know, some of the work LGD performs is pretty safe, for instance the defence contracts are not going to be given to cheap SEA copycats. But I'm not sure what portion of earnings have such a moat.  

Anyway I've added to my holdings today so not unhappy about the muted response. I suspect once some of the cash conversion flows through improving the balance sheet (which by the sound of things will happen this CY), and with the progressive dividend policy, the market may decide that a P/E of 8 is too low.