Ann: AGM 2015 - Chairman & Managing Director Address, page-9

EBITDA of $55m in FY16 (every chance of pushing $60m and higher) has this stock currently at 4* earnings.

And given they have committed to paying out 40-50% of NPAT the FF dividend is approaching 10%.

This stock reminds me a little of PGR (The PAS Group) a couple of months ago before someone had a crack at buying it. It has since risen from 54c to 70c and has plenty to go and was looking undervalued on fundamentals with a FF approaching 10%.

Excited for the HY report (we already know from the annual report issues in late Sep that the outlook was strong and that contract signings guidance was 1800-2100 v 1737 in FY15 - and that there were some settlements that fell into FY16 because of adverse weather)

Conclusion is that we're going to see strong results and string dividends over the next 12 months and SP is very cheap.