Good post Fire Bull. Your last point about the international...

Good post Fire Bull. Your last point about the international segments is the key point for me. I love looking at the segmental reporting for this company.

If the only impediment to achieving similar margins o/seas to what they achieve in Aus is the scale - then (if)/when they achieve it the Aus earnings could start to become more and more insignificant. Something that is hard to forecast with any degree of confidence - but so far the share price hasn't required one to do so - going forward over the next 12 months perhaps this will become something that is more relevant to the investment decision, especially if the price begins to anticipate it.
Lucky we got in earlier so we already have that safety margin to give the strategy time to play out