happy holding at $1.20, page-2

fdmqq

A very solid result IMO, one of the better I have read apart from the odd growth stock thats trading at richer multiples.

They seem to have acutely driven FCF to new highs, resulting in the payout ratio returing to pre GFC levels even though net debt and earnouts have been reduced accordingly.

Hard to fault from my view but am interested to hear Cam's assessment.

Overall the economy excluding resources is rather lumpy, so placed into context its a satisfying result.

Interesting to note their mention on a discussion around possible Capital Managemnet inititives to be reported back before the AGM.

Generally they sound confident in the near term and on top of their game.

Thanks 452 Capital for a great buying opportunity in the low .80's.

Close to being my largest holding with the recent rerating.