I feel like people should be happy to pay more than the current 14.5x P/E (13.2x if the cash is stripped out) for that picture.
But even if they don't, one still gets an annual increase in the value of one's capital of somewhere in the high-teens. Add to that the ~4% dividend, for a total investment return of ~20% pa.
And given the company's long track record of successful execution, that attractive investment return doesn't have too much accompanying risk.
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