Ann: Change of CEO and Earnings Update, page-34

Hi All

SIQ has some additional negative factors to consider:
1) Dividend paid last year of $0.625 included a $0.20 special dividend (unlikely to be repeated). True Dividend Yield is 4.3% after blood bath of the last couple of days.
2) Analyst forecasts don’t get updated immediately, have a look in another few days.
3) Nothing grows like SIQ has forever. Current year will be stable, future growth should align with competitors, approx 10%.
4) Current Market Cap is approximately the same as its largest competitor MMS. Superior share price growth won’t return unless they start growing/acquiring Internationally.

I had held shares in SIQ since float and felt the writing was on wall when largest shareholder sold (luck rather than intelligent decision making). There will be a return to growth and hope it returns to historic trends, but I think this has a low probability of occurring.

One factor on the positive side is that Macquarie Group staff are smarter than average. If growth is to return they will find a way.

Best of Luck
Lost