It's been amazing to watch this stock go on a tear in the past...

It's been amazing to watch this stock go on a tear in the past 12 months.

My first purchase was in May 2021 around the $20 mark.

I kept topping up over the next 12 months between $23 and $19 and even picked some up at $16.50 around the market low in mid 2022.

My average price currently is $20.38 and looking at the FY23 numbers this means I paid an average of 11 times earnings for a stock that should keep compounding earnings over the next few years.

I wish I could claim to have anticipated the rapid rise in the SP but I certainly didn't and was mainly attracted to a very undemanding PE multiple for a business that was far from mature and had/has genuine growth prospects. I felt it was worth around $28 to $29 at the time.

Plus I felt that Ryan Stokes was seriously underrated and with this family being the majority shareholder you can't get much more aligned with management. It's been nice to watch him finally get some well deserved credit in 2023.

Looking at it now I certainly won't be topping up at the current prices but it's still only at 14 times the consensus earnings for FY25 so the business performance is underpinning this valuation.

It will be interesting to see whether they continue with the low dividend pay out ratio going forward or look to increase it.