I've not read everything yet but firstly a couple of small...

I've not read everything yet but firstly a couple of small negatives.

The annual report mentions '$1.83 million' in failed M & A proposals. This can't be unusual for listed companies but it may raise a question as to why for a relatively small company, EQT spent this amount when for whatever reason its proposal wasn't accepted by vendors, or EQT later decided that the entities wouldn't be as good a fit as it may have originally considered.

On page 29 of the report, it lists a large number of regulatory requirements and says that while supportive of these, they impose many costs on EQT. It can't get away from these but do various regulators sometimes go too far?

Cashflow in FY 21 was down marginally to $30 million from the previous year's $30.4 million. Low interest rates won't have assisted.

However there are many good to excellent points outweighing the slight negatives.

While EQT says in its report that the higher value superannuation fund trustee appointments are lower margin, it was able to spectacularly grow this aspect of the business through a tripling to $33.6 billion. Amazing.

The funds business in Oz rising $17 billion to $95 billion is if I am not mistaken higher margin. Again, an excellent result. This is way in advance of CPI (about 10 - 12 times as much).

Net tangible assets were up 12.88 per cent to A$2.98 per share. I am the last person to ask re accounting treatments but one assumes that a substantial portion of EQT's assets are intangible such as goodwill. This is a company for which a good reputation is absolutely critical. It would want to never make the headlines in an adverse way. It succeeds year in year out on that.

EPS was up 10.9 per cent on one measure, and NPAT up 12.1 per cent, more than double the increase in revenue. Excellent.

While total dividends for FY 21 were only up 1.1 per cent to 91 cents per share, this is satisfactory because of the coronavirus challenges. It's not every full FY that a business like this that relies so much on meetings and personal interaction with clients would have had to resort to smartphone, PC and laptop screens. LICs such as MLT have had to highlight decreased dividends from many companies in the last year, so EQT being able to even if only slightly raise its payout is very good.

Overall this company, with its newish Chairman Ms Schwarz and the steady hand of MD/CEO Mr O'Brien, seems to be doing extremely well in times that (to use a hackneyed phrase) are unprecedented in our lifetimes, even if arguably less severe than the Spanish flu of c.1918-1920.