When your biggest problem is keeping up with demand - you're called ARB., page-10

"I'm trusting they will do the right thing in future too."

So am I. That's a big part of the reason I'm a shareholder. The "right thing" is to not splash capital around unprofitably. They have indeed a good track record in this regard (and indeed in many regards).

My point is that if the current steep price is predicated on export growth (and this is a question more than a statement), then "the right thing" may mean ARB is over priced.

"Since 2011 US sales have increased by 13% p.a."

Yes, so the question remains, are sales accelerating because they are gaining traction (ie, profitability moving in the right direction) or because they are pushing more aggressively? Growth rates alone are not very telling.