My analysis is very similar to yours @grjohnson. Here is what it looks like over a longer period, with my assumed FY22 values based on similar growth rates as in the last half.
To those who wondered about ANZ growth easing off, even with the current lower growth rates of around 7 - 9%, surplus cash flows will grow much faster than this. IMO ANZ will remain a very strong and growing cash generator for the company. NA is what will drive the share price in future though, with its very high growth rates, rapidly improving margins, imminent cash flow positivity and very large runway.
NEA Price at posting:
$2.27 Sentiment: Buy Disclosure: Held
