30% ROE, consistently growing earnings by 10%+ whilst paying 60-70% of earnings out in dividends.
At $5, MC was $157m with UNPAT in FY19 of $12m. That implies 13 times earnings, or a 7.7% earnings yield (not including franking credits or net cash of ~$10m).
With the risk free rate of 0.25%, I wouldn't exactly describe it as overpriced.
FID Price at posting:
$4.55 Sentiment: Buy Disclosure: Held
