Ann: H1 2019 Investor Update, page-8

I'm a little surprised by the fairly muted reaction to this very strong result. It wouldn't take too much improvement in the second half for this to be the best ever result for Legend, besting the 4.3cps earned in FY12. The outlook statement was for 'continued growth' and the sectors they service would appear to have a good few years in front of them.

Even if they only manage to replicate the DH result in the JH19, 4cps is a more than 40% increase on FY18 EPS, which was itself cycling a similarly strong improvement against FY17. Yet the business trades on about 8x earnings.

The conditions for several more years seem to be in place for Legend to perform well, yet the allegedly forward looking market is giving you this strongly growing business, ably managed by an insider with heavy ownership at a handsome double digit FCF yield.

There are often valuation anomolies in the market, but I'd love to better understand why this one is as large as it is - Eternalgrowth