Ann: FY24 1H Half Year Investor Presentation, page-32

The business doesn't need much capital to grow, hence the requirement for reinvestment is minimal. M&A would be interesting but management are very conservative in that regard, they look at a lot of things and pass, which is hard to to criticise. Dividends would be ok but there's something more compelling about a company that regularly buys back stock, it makes for powerful compounding returns over the long term. Valuation may look full on a near term PE, but this business has now passed an inflection point whereby topline growth will flow through at a very high incremental earnings margin, so earnings growth should be very high (20-30%) p.a. I don't think multiples capture this dynamic well and I think the share price is headed materially higher in the next 12-18 months.