So, FY2018 EBIT up 17% on FY2017's EBIT (and FY2017 was not exactly a depressed starting base, with EBIT for that year being up 49% on FY2016).
It is fair to say the business is travelling along just fine.
Assuming - conservatively - a further 7%-8% NPAT growth in FY2019, the implied prospective valuation for of the stock is ~15x P/E and 9.5x EV/EBITDA.
Which feels appropriate, fair and reasonable to me.
Ann: June 2018 full year guidance update, page-2
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