thoughts on the half year report, page-7

IMO it is a great result. True, the 2014 FY higher result has been flagged by the company, but good to see the real thing. I consider the increases in EPS etc to be spectacular.

I'm beginning to see MNF as a younger version of TPG Telecom (TPM). Savvy management, conservative buying prices to business with strong synergies and high rate of return/low payback period. I agree with Psycho that management is the key factor (as with TPG). MNF has almost zero net tangible assets, which is a negative, but it is made up for by the growth and the savvy management, not to mention the zero borrowings.

I've looked over the last three years and the first half EPS. Cashflow PS and dividends have constantly been about half of those for the second half. Also, rolling year on calendar year growth figures are just as impressive as the half to half amounts.

Marma, I think you are being very conservative. Not a bad thing, though.

Finally, having an average entry price of just over $1.00, I too will be considering lightening the load a bit if it gets near $2.20. But only a bit.