Ann: FID Investor Presentation - Wilsons, page-6

"Plus, say, 3% DY, for a Total Investment Return of almost 25%pa."

Gross up those dividends and reinvest them, the overall return would be meaningfully higher (I'm too lazy to do the math).

Companies that pay out substantial amounts of profits, yet continue to grow NPAT in double digits are under-rated. Create a simple DCF with these in place and the valuation is extraordinary - mainly because incremental ROE is much higher than current.
DDR comes to mind here.


EDIT: This is a little like PTM prior to recent outflows. As FUM increased, earnings increased, with little extra expense (other than staff) or capital rqeuired. A great business, once you've proven the model