Ann: Annual Report to shareholders, page-4

Was referring to their commentary. They expect Aus and Nth America to grow and if they achieve that it will be a very good year.

FY19 would have been a huge year if the Aus business didn't slow down. A lot of that related to the royal commission and elections, which won't be an issue this year. They've retained their largest client in Aus recently. So assuming no surprises it seems reasonable that Aus grows again.

The US business is booming. They'll need to retain some key clients but if they do it should keep growing and get a bonus from the USD strength.

Even sounds like Europe might contribute, although I wouldn't expect too much from it.

The one-offs causing higher tax rates have worked their way through. NPAT would have been closer to $1.1-$1.2m in FY19 and they're saying they'll increasingly pay more of it out as a dividend now the balance sheet is a bit stronger. They have plenty of franking credits.

I think $1.5m NPAT this year is a reasonable assumption at this point. 1H should be strong. So looking at a PE of perhaps 5x and a big FF yield.

All that said, these businesses can be tough and it won't ever trade on 20-30x PE. But it might double from here and pay a decent yield along the way.

Someone could acquire it too.