John
where are you getting your numbers about US sales and Australian. I can’t see that detail in the announcement. It doesn’t surprise me the Aus business was lower given state of housing market and drought in ag sector and I think when you take all these things into account it’s a reasonable result. They missed earnings growth but not by much and I am sure given cash flow, inventory has been reduced which is Also a plus . If I was paying 15-25 times for the business, I would be disappointed , if the business was in structural decline again I would be worried , but slightly weaker numbers at a time when domestic market has clearly struggled , is a reflection the US business growing as a proportion of overall business
Happy to collect my 6% dividend and hold LT
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