Ann: Chairman's Address and Half Year Performance Guidance, page-8

"40 multiple for long term, quality growth"

I have a somewhat different take on the multiple.

We are already almost half way into FY2025, so I think the more relevant EPS figure that should be capitalised is the current year one.

In FY2024, EPS was 78 cps.

They've on track for 30% growth in the current half. Let's say the second-half growth comes in at "only" in the high teen percent, say 18%, meaning that FY2025 growth would be around 23%, taking EPS to ~96 cps.

That works out to a P/E of 32 times.
For a 35% ROE (totally unlevered) business growing >20% pa.


That's more than reasonable, in my view.

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