Been over 3 years since you posted this and you were spot on, 40% capital gain and reinvested dividends would give you around 58% total return.
PE isn't quite as low but, around 13x but with the current years' dividends (7+5.5) it's grossing 6.%, although is only 50% franked. I also expect the year end dividend for FY19 to be higher than 7c, with 7.5c-8c more likely.
Last FY year was a big growth step and looks as if they are going to improve on 27m NPAT by 8-10% illustrating a positive uptrend on the back of growth in the industrial division. Mgmt said they are focusing more on the water transport and OEM manufacturers for highly specialised parts and less so on the oil and gas industry. A positive change in strategic direction has driven growth.
The agri divi was flat but solid and with milk prices improving they generally get a bump in earnings off the back of it.
I really like how mgmt are effective at cost control; revenue up 3% but EBIT up 11% gives me confidence that future revenue growth will be more profitable and scalable. At current dividend yields and future growth expected this still seems a bargain.
