Ann: FY22 Full Year Results Presentation, page-7

They've had significant fluctuations in profitability in the past few years:

NPAT
2019: $13m
2020: $16m
2021: $47m
2022: $41m

Not sure how much they were a lockdown beneficiary given that seeming correlation and without guidance it's hard to forecast 2023.

But at trailing 7x NPAT with a 14% gross dividend if they can match something like $40m NPAT consistantly it doesn't need to grow earnings to beat the market.

Blundy invested is huge for confidence and a major factor in believing this could be an investment with future excess returns.