Ann: Notice of on-market share buyback, page-4

This is just terrific the prices they are now getting this buyback done at.

If one just works in NZ Dollars to keep it simple.

You have a business churning out:

$350m in Revenue
$70m EBITDA
$15m in IFRS Interest/Principal
$9m in Capex
$8m in Taxes

So call it just shy of $40m of net owners earnings (reported will come in a bit lower given D&A is higher than Capex)

And you currently pay $235m for this cash stream.

Which leaves you paying about 6x net cash flows.

With potential for a combination of a recurring 10% yield, if not greater, split across dividends and buy-backs.
Buy-backs being preferred by Australian shareholders due to the lack of ability to utilise any NZ franking credits.

It's hard to beat a business such as this with decent margins, cash generative and clean balance sheet all at this price.