This is still not expensive at the current SP, although it's not ridiculously undervalued like it used to be anymore; probably close to fair-value now. If you believe in their strategy and ability to implement it, then there is still a lot of growth to come. They've gained valuable knowledge from operating Palarium for the past 7 years and will integrate the necessary attributes into their core business whilst offloading the non-strategic majority. I think it's a great move and am interested to see what they will actually do with these extra funds. Preparing for another take-over perhaps??
As for the dividend, they had already flagged that it wouldn't be franked due to the amount of foreign income they are generating. I wouldn't get too hung up on no franking credits if you are in this for the yield because the dividend growth is likely to compound nicely into the future. I wish they would activate that dividend reinvestment plan!
ALL Price at posting:
$66.58 Sentiment: Buy Disclosure: Held
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