Seems to me 2 things hold this stock back from trading at more...

Seems to me 2 things hold this stock back from trading at more realistic levels. The first is the unpredictable nature of IPO's, capital raisings etc which always have the potential of adding a lot of icing to the cake and have been doing so for the last couple of years. It appears there is a fair bit in the pipeline at present. The second is the lack of broker coverage. Why would you promote another broker's business? There is, of course, a third which I think has been a little overstated and that is the potential of a market downturn. Yes, a downturn would affect some areas of the business but no more than a lot of other stocks which don't seem to carry that negative sentiment. Meanwhile I'll continue to pick up the 6 monthly dividend of one of the highest paying fully franked stocks out there.