Thats true on a PE basis its more expensive than much of the...

Thats true on a PE basis its more expensive than much of the market - and to help prop that up is Lion's recent bid for it - which valued it some 15% higher than these levels again.

Great business though - very strong year in year out.

The return for me has been great - I bought at $4.50 or so in 02 - now @ $9 plus and is paying me dividends near enough to 40c (or 9% fully franked at my buy price) and add to that the capital growth which, doubling over 6 years is about 12% extra in growth each year.

If it does that again for the next six years, its perfect. If it just holds its dividend, Im still happy.