I think you have to look at the general market.  It’s been crazy...

I think you have to look at the general market.  It’s been crazy volatility for some time and people have known a correction had to come.  So large numbers have been sitting on the sidelines with cash waiting. Many of the people who are in the market are traders taking quick gains, or people going after high growth - A2 milk, Afterpay etc. 

Capitol is now a solid stock, but with a recent chequered history.  It needs to show its cowboy days are gone and it’s going to be a solid stock, without crazy debt and now making sensible acquisitions and organic growth.  The takeover at the beginning of the year didn’t help this case, but it seems to have settled down again.

Give it a few reporting periods of good results and no more impairments which muddy the balance sheet and there will be more interest.  Even more so once the shakeout happens and more people return to the market.

I think it is doing really well given the current state of the market, although the buyback is underpinning that.

Ord Minnett has a target price of 34, Morningstar fair value of 32 and Credit Suisse was mid 30s as well.  So I think just a bit of patience, enjoy the dividend and there will be a steady increase in time.  If the China stuff had happened we might have enjoyed A2 rises, but it doesn’t look like that blue sky will happen.