Yes agree, cashflow the highlight in the result. Also, it was...

Yes agree, cashflow the highlight in the result. Also, it was sound capital management recently to buyback the 4m shares for 35c, shares that they originally issued as part of the DFL Education acquisition at a value of $1.10. Debt is neglible now too, so another positive.

But the reality is that mangament have made a number of poor decisions in recent years, and we are still feeling the pain with the receivable write-off in this financial year coming mostly from Spectra, acquired some years ago. We need management to be disciplined and produce a clean set of results in the next 18 months and a rerating should follow. Plenty of tailwinds to help - low $A and international student numbers being robust.