thanks for your opinion on the SHAW capacity issue, it makes...

thanks for your opinion on the SHAW capacity issue, it makes sense. i guess its largely appointment business. i did an analysis on their past annual reports and found that the ROI of their acquired ICT stores has progressively fallen over the years - i guess as competing buyer offer more and more for the available profit from each store which is likely to be the reason their acquisitions have slowed down in that space even though they can grow another dozen or so stores to get to the limit of their TLS agreement. i was pleased to see they have expanded into Tasmania as that region seems to have awakened from an economical perspective in recent years and has some population growth after a long period of flat/decline. i like the balance of the core ICT with reliable cash flows but modest margins being supplemented with the SHAW high margin business. I think it would be good if they used the withheld dividend from 1H20 to make a couple more clinic acquisitions as their should be some good buying opportunities out there coming out of the restrictions.