I'm not a buyer at the current prices, as I think it will move...

I'm not a buyer at the current prices, as I think it will move lower.

With an FY12 PE of close to 17 and little growth forecast in the short term, I believe the price will gradually decline. IRE has historically been a market darling, always trading at a premium to market PE (I recall 20+ high PEs in 07-08!). But I feel they can only play the 'good management' card for so long and the low equity market volumes coupled with an east coast recession will catch up with them. I'm not saying their investments in Canada, SA & the UK will be unsuccessful, but I think any significant EPS growth from these area's are years away.

I agree with your points regarding strong balance sheet, recurring revenue, high ROE, good management etc. But I think there are cheaper investments out there, with higher dividends.