Ann: Macquarie Conference Investor Presentation, page-20

I first bought into NCK in 2016 at $5.90. The first thing that impressed me about the business was that while profits and dividends were increasing at about 15% p.a., the absence of new capital raising meant that growth had been entirely organic. This said a great deal for both the viability of the business and particularly its management. I knew that irrespective of the vicissitudes of the market, management could be relied on to safeguard shareholder's interests and that this was therefore a stock I could buy and forget and add to at times that market uncertainty put the stock "on sale". IMO NCK is worth about twice its current MC.