Good Moderate Growth, page-8

I'm much more simple minded.

While there are up arrows everywhere, their own prefered underlying earnings per share before amortisation have grown very little over the last two years. This is despite all the acquisitions which should in theory provide a private to public arbitrage, and the health thematic.

An EV/EBITDA multiple should be lower than growth companies, given its history.

That said, they do pay (albeit partially as none for interim and full for final) dividends. This is a profitable business.