Ann: Interim Financial Report for Half Year Ended 31 Dec 2023, page-3

Yeah that looks about where my own numbers would be.

As you alude, there's still a bit of "noise" in the numbers as they continue to transition to the Franchise model, but it seems to be going well, and they seem to be sticking with it and not getting carried away and doing something silly.

Can't fault their ability to return cash back to shareholders either! That is a quality business attribute that is much underrated IMO. I'd imagine with a lot of the Shareholders being tied to the business in some way they will continue to preference releasing cash whenever Franking Credits permit. Works well for me also.