Industry Overview, page-12

Added to my holding this week, albeit a little early at 75.5c.
Having been burned by the QIN debacle, I'm more cautious about topping up too heavily.
On 15% growth and EBITDA margins as stated in recent guidance, plus a Divvy payout ratio of 40% in line with LY, I get an F17 intrinsic value of $0.95.
Flowing the above into F18 per recent guidance I get intrinsic value of $1.14.

Forgive the laziness, but has anyone compared each company's respective accounting policies on capitalisation/expensing of software?