We Love Operational Leverage, page-11

When an ASX company's management guides for earnings growth of 'double digits', we might see 10-15% earnings growth. Not with FID. A quick check on the EPS growth over the last 4 years reveals:

Underlying EPS Growth
2014 23.9%
2015 27.4%
2016 21.5%
2017 23.0%

That's an average of almost 24% p.a.!

And with the current P/E based on underlying earnings at about 16, that's a PEG Ratio well below 1.0 if these sorts of earnings growth rates are maintained. And I wouldn't fancy betting against management delivering again.

Solid cash generation, low share count and option dilution, industry consolidation, no debt  ... I wish I could find something to fault but it ain't easy!