Full year Results, page-28

There are plenty of businesses listed on the ASX whose products/business proposition is, in my biased view of the world, of dubious value or complete bunkum - to name a select few:

- I think 95% of Blackmores products do nothing more than create expensive urine;
- I think cars are a waste of money, and the last car on earth i'd ever drive would be a 4WD, and on the 1-in-a-1000 chance i bought a 4WD, the last thing on earth i'd do is drop a boatload of money fitting it out with ARB stuff;
- Bunnings is the closest thing to hell on earth for me (maybe just behind Ikea);
- I think Brevilles kitchenware is an extravagant rip-off;
- Webjet is a dumb flight booking system which takes a big fee for doing effectively nothing

The funny thing about all those businesses above is, despite what i may personally think about them or their products, they have all proven over many years to be outstandingly profitable businesses for their shareholders.

Your opinion as to how a dentistry practice should be run is perfectly valid - frankly, i wouldn't know either way - but i'm going to politely suggest you've consistently let your personal biases get in the way of accurately assessing the business prospects of ONT. You've been saying almost exactly the same thing for nearly 5 years (since ONT was $5.08 in November 2012: https://hotcopper.com.au/threads/an....1886137/page-4?post_id=11197246#.WakShsig9PY), and you've been consistently wrong.

If you had have invested in ONT at $5.08 when you first started posting, you'd be showing a total return of 10.3% p.a. right now (assuming no reinvestment, and pre franking and other tax consequences). That compares to a total return over the same period from the ASX200 accumulation index of 9.1% p.a.

So, on the face of it, ONT hasn't been that impressive over the last 5 years. But it certainly hasn't blown up as you've continually claimed it will; in fact, it's outperformed the broader index and taken very little financial risk along the way (given it generally maintains nil or close to nil leverage). And it's managed to outperform the index over the last 5 years despite two huge external shocks: 1) a customer equal to 20% of its revenue disappearing overnight (CDDS), and 2) a sharp economic downturn in its core market.

When a company's stock outperforms the broader index over a 5-year period despite that particular company facing two very large external shocks to its business, and that particular company does so by taking very few risks, it tends to say something about the quality and durability of that particular business. In fact, it tends to say a lot about that particular company.

So, by all means, maintain your rage against ONT and its supposedly fraudulent business model which is due to peremptorily disintegrate any minute now. But just don't expect to be proven right any time soon - in fact, from where i sit, the next 5 years look a brighter than the last 5 years.