The EPS growth was levered due to costs that grew less than expected. Also effective tax rate is 9%. They stated on the call it'll be 9% this year but step up to 20% next year and increase to 27% linearly by 2024. On a forward basis the NPAT and EPS growth will be less leveraged to revenue growth, much more dependent on how well they control operating costs.
Great business but paying forward at least 2 years of growth at this price on my numbers. Need to be highly confident current multiples will hold and they beat the new 2025 target to buy today.
The EPS growth was levered due to costs that grew less than...
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