Ticks a lot of boxes - debt free, solid fully franked divi of 3.1 cents, self funded growth strategy rolling out, increasing revenues aiming to double it by 2019, global expansion showing increase customer based in North America and Asia, underlying EBITDA up 5% despite a lot of expenses increasing.
If there is any downside its the increasing spends on tech, HR, occupancy, marketing etc but if you want to compete in the international money markets against banks, you've got to spend the money to make the money.
All things considered, especially rebranding and expansions into markets outside ANZ, I think its a very solid result. Should translate to a modest rise and consolidation of the shareprice, and with a lot of their clients now corporates, you would think Western Union and some others might be paying it some attention as well whilst they can still afford it.
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