Hi All, I have done a bit of a review of this stock using...

Hi All,

I have done a bit of a review of this stock using Morningstar's summary and like it a lot. Rue the fact that I bought recently at higher levels, patience is a virtue .....

I'm not much a fundamental analyst, but this is my shot at it.

Some of my key review points:

1. Shares on issue absolutely static for the last 5 years - big tick.
2. $92M in the bank - huge safety factor and gives potential for special dividend one day - certainly no risk of placement soon. Big tick.
3. Cash flow is rising strongly - up 50% last year. big tick.
4. ROE has risen for the last 5 years. Still modest but the trend is in right direction,
5. Share prices vs cash flow still at the bottom of the 5 year range.
6. Franking rate is falling (downer)
7. Capex is on the rise (downer) - but is well covered by cash flow - I presume this is linked to new floor openings?
8. Flat forecast dividend 22c for FY17 vs FY16 (downer)
9. Forward P/E somewhere near 18.

This stock isn't cheap, but not overly priced either.

Appreciate any further comments

Does anyone have any link to broker research?

Thanks
Gosouth