I guess they are in it for a longer time frame, I mean assuming a lower NPAT growth of say 40% next year and a reduced market PE of 30 accordingly (down 5 from the current premium) then the share price should be somewhere between 17 to 19 in 3 quarters time, or a 20 to 30% return from this point depending on your entry etc
So there is definitely value to be had, but the chart is being worked somewhat lower and I guess everyone is trying to get the best possible entry as always.
It's an interesting situation in that the company is anti-dividend because they believe they can keep this strong growth going, which is a really confident move/call and I hope they can, but on the other hand a divvy would begin to anchor the share price a tad.
Ultimately their goal is to return the most value to owners of the company and if they feel that is through divvies or capital returns through a higher SP then we have to run with that.
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