Ann: Half Yearly Report and Accounts, page-6

Agree but at around $4.90 it is pretty expensive. On the other hand snapping up some pre div you pick up the upcoming dividend of 0.35 so effectively buying at $4.55 for what appears to be a well run Aussie success story in a pretty good space. Also the geographic growth and diversity with traction in the US as noted is appealing. A model that you could further diversify into other countries. Could be attractive for takeover/acquisition at some stage. Div yield is decent also. So whilst not cheap I think it is reasonable buying for the long term.