Ann: H1FY24 Investor Presentation, page-16

The expected cash conversion over the next few years will be closer to 50%, instead of the 70% realised in this half. This is because the core business requires more reinvestment than was previously expected. My best guess is that puts the company on a normalised FCF yield of about 8.5% - which is good, but not great. Also, the interest income is quite a bit lower than it should be (2.5% vs T-Bills at 4.5%) - there may be a structural reason for this (i.e. they jumped in 30 year bonds at 2% or something stupid).

All that aside, I'm happy holding as the downside here seems pretty limited while the upside (Sentenial sale, better interest income, more core biz contracts) is there.