Ann: FY23 Guidance Update, page-15

Not sure how you make that assessment. Nothing goes up in a straight line, and this latest (net) increase is a welcome and strong move.

For my part, I am particularly now watching for MAH to recommence payment of Aus tax, finally exhausting past losses.

Once able to pay franked dividends, I will be loudly calling for ramp up of a boring dividend rate.

The emphasis on capital value growth has been ignored by the market for almost 5 years, despite a consistent track record of improving metrics.

Franked dividends on an increasing yield should work now, imo.

It is absurd that this stock is trading more than 30% below NTA. The business is making strong and increasing profits. However, with a massive blocking shareholder, and possibly no take-over potential, we need franked dividends as a circuit breaker, even at the cost of some growth.