half yearly, page-5

Agreed Veecat.

By my calcs new sales are up vs previous quarter (FY14Q1) but lower than the previous 2 quarters. Overall this makes me happy as my main concern was whether they are approaching market saturation. This seems to indicate not yet.

I estimate recurring annual net cashflow of $7.8m which IMHO makes them fully valued at the current prices (market cap over $200m, cash held $17.5m) Any upward movement from here is IMHO speculative.

Not trying to neg NEA as it is a significant part of my portfolio but I'm also against short-term ramping as I am here for the long haul.