I would normally agree - cash generation is fundamental to...

I would normally agree - cash generation is fundamental to sustainable growth.
It was reassuring to hear the investor call explanation for high growth in working capital in FY22, and that cash conversion rates are expected to return to around 90% levels going forward. Combined with debt levels at 1.1x ebitda (down from 1.2 as earnings increase), I'm comfortable that growth continues to be sustainable, in line with their excellent track record in recent years.
Also love the review of ROIC - 43% in FY2021 and 49% in FY2022.

Even allowing for higher tax rates in future and share based payments (great points BS), for such a well-managed company with such high earnings visibility and growth momentum it's ridiculously cheap.