Ok I understand your beef a little better now, but still looking...

Ok I understand your beef a little better now, but still looking at a quarter in isolation doesn't make too much sense because of the really uneven distribution of sales throughout the year. The dividend policy is to smooth earnings out over the course of the year, while the business routinely has uneven results across the year. Look at calendar year Q2 npbt last year and in 2019 - the npbt jumps from 18.4 to 23.6 for that quarter as you would expect for budgets being spent before they expire at EOFY. There was a similar increase in 2019 between Q1 and Q2. It doesn't make sense to account quarter by quarter, which is why they forward project the growth from Q1 2020 to Q1 2021 and then account for the projected profit and make a dividend plan.

They have a tonne of cash reserves for buying inventory, so I'm sure there wouldn't be a cashflow issue from the dividend payments, and it will be covered by full year earnings provided the growth from Q1 holds up around the same levels.

For me this looks really cheap around $9 and I'll probably deploy some more funds into it for the first time since mid last year.