Ann: Final Dividend Declaration and FY22 Unaudited Results, page-30

Oh do I like it when brokers get negative on stocks I like that have previously priced me out of contention.
I was a long term holder of DTL and unfortunately decided the valuation got ahead of itself. Little was I to know how much farther not only the share price, but also the strength of the business cycle had to run.

Well after a bit of a difficult period to manage, it looks like a sibling stock has presented with a little bit of a "get me some exposure here again" opportunity. As Klogg has pointed out above, there is still a pretty clean pathway to boosting the earnings of the next few periods, even without much in the way of rev growth.

They barely grew in Q4 vs PcP, but coming off some pretty staggering numbers in recent times - I think it's more than reasonable to give them benefit of the doubt in the short term. The valuation is still by no means screaming cheap - but it's no longer silly.