Hi basldynumbers
The high PE could have something to with the operating cashflow, which is about double the Net Profit, DOUBLE. I take this to be because of hefty depreciation expenses. They also have a policy of paying out most of their cashflow. So this is dividend play for many investors, plus the fact that earnings are very stable - not many surprises anticipated either way. But I must admit that the yield is not looking as good at current price levels.
Finally worth noting that revenue and profit have grown slowly over the long term and there are developments in the pipeline (as you point out) which will keep the slow growth going. This is the type of 'boring' equity praised by W Buffett.
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