Figures look pretty good Adam. The company is guiding for a...

Figures look pretty good Adam. The company is guiding for a slightly higher effective tax rate in FY2017, and in light of the capex ramp up - about $7m extra depreciation in FY2018 before efficiencies neutralise that the following year. I'll be interested to see if they are able to hold the recent EBIT margin expansion in the paints business.

Not necessarily sure about the lofty valuation. Maybe comparatively so on a P/E and EV/EBITDA basis, but these metrics don't adequately reflect the enviable cash generative nature of this business, nor the earnings stability. Looking over the last 4 years (even including a major capex project featuring in FY16) we have seen $459m of UNPAT converted into $391m of free cashflow, or 85% conversion. While this won't continue for FY17 and FY18 due to the factory completion, I'd expect we'll again see mouthwatering sums of cash in the near future.  I guess how they deploy this cash in due course will determine whether such metrics are reasonable or otherwise!