'Mr Market' is extremely difficult to please and not always...

'Mr Market' is extremely difficult to please and not always rational, but in theory even grumpy he ought like the upgraded full FY 22 forecasts that are said to rise 11 per cent.

JLG to my mind is a bit like REH - low dividends but over time, if trends continue and the company continues to be well managed, the SP rises.

There's been a drop in margins across the various business units though deep in the presentation JLG comments that the catastrophe-related EBITDA figure is 'for illustrative purposes only'.

The dividend is up more than 22 per cent.

Steamatic in the USA is still not quite 'national' as it lacks a presence in some northern states like Oregon, so perhaps if JLG believes it's worthwhile, Steamatic may further expand. In Australia, it's not yet in Darwin (though expansion for the sake of it is pointless).

Low margins in commercial construction are explained by timing if my quick read was accurate. There's a good chance removal of mainland Chinese cladding from multi storey buildings will cement JLG's reputation with government authorities.

The company continues to do well although one concern is it's reasonably reliant on CAT events. If there are fewer in a year, which despite alarmists' predictions is always possible, how badly will JLG be affected?