So now trading on 11x FY15 and 8x FY16. Cheap, but it is a hard...

So now trading on 11x FY15 and 8x FY16.

Cheap, but it is a hard one to get comfortable with.

I note that the strength of the NZ economy is likely to be impacting domestic demand, with strong employment you would think reducing need for vocational upskilling:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11444099

"The number of people employed rose 0.7 per cent in the quarter, while the participation rate increased 0.2 of a percentage point to 69.6 per cent, a new record.
"This is a greatest share of New Zealanders we have ever seen in the labour force,"