Ann: 1HFY2021 Half Year Results Announcement, page-3

No doubt, given their huge quantity of franking credits & cash pile, the declared dividend is a little mean (to put it mildly). Their results do have a habit of being lumpy, and their cashflows often give little clarity (due to advance payments). And their outlooks have a habit of telling one almost nothing (at least you can trust them not to be over stating their prospects). On your stated ROE of 7.6%, you do realize that this equates to a circa 15% annual return. That for a business that has an extraordinary cash pile (though it needs to be adjusted down for unearned revenues). What's more, they are returns earned during a global pandemic. What that means in terms of returns on operating capital is something worth contemplating.