I have been a holder since August 2010!I have continued to top...

I have been a holder since August 2010!
I have continued to top up as the years have gone buy.
My total return per annum on this stock is about 10%.
My comparative for that period, the VAS index, has returned 12% per annum.
Clearly, I could have done better in the index!
Not as much fun though...

ONT has experienced a PE multiple contraction over the past 5 years 30 to about 19 now.
Clearly it was expensive during the government "denticare" related boom of the peak, but I do not believe it is expensive now.
Not cheap, but neither is it expensive.

A ROE of 20 remains not to shabby.
It has a secure balance sheet.
It has superior ROE and Gross Margins to PSQ.

In the current market with so called high interest accounts yielding 1.5%, I am ok with being a part owner of this business.
I am picking up fully franked dividends and have an interest in the share price only on the day I sell it.

I do believe that the MD has the shareholders best interest (being an owner of 60% of the shares himself).
His main income is from his shareholdings in ONT with a salary of sub 100,000 per year (90K per year for the past 2 years).

With a dividend yield of 4% (FF), I will be ok with a 10% return per annum over the next 10 years.
I feel I am more likely to obtain that in 1300 smiles than in VAS or many other individual companies on the ASX (or internationally).
Time will tell...