Another ASW result that is as boringly predictable as it is impeccably clean.
It also happens to be a record result, despite nothing all that dramatic happening in the market in which ASW operates.
If the growth continues at this sort of modest, 10%pa pace, then on FY2018 valuation multiples the stock will be trading on an un-demanding 8.5x EV/EBITDA and 15.0x P/E.
Because the company pays all its earnings out as dividends, the stock yields in excess of 6.0%. Since 2008, DPS have grown at a CAGR of 10% pa, despite the starting base period coinciding with a point of time during the commodity boom.
The one little niggle that I had was the shocking drop off in Cash Flow Conversion [*], to 99%, compared to its long-term average of 102%.
