A couple of thoughts with valuation: I think going backwards...

A couple of thoughts with valuation:

• I think going backwards slightly in sales this year, lets say 10%, I don't think that means it couldn't continue to grow in the next 10 years by 15% a year just in AU. The huge growth last year would mean a 10% drop would still be huge growth on FY19 and still show its on track for consistent long term growth.

• I think valuation will change when interest rates increase. A company with no debt trading on a high dividend should increase in value in a higher interest rate environment. Which I'm not sure when we will get but i think its coming at the some point.

• The company has greater scale and free cash flow then it once did, meaning it has more cash to invest grow and scale further. Margins are also increasing further helping free cash flow.