To be fair to Mr Market FY18 was an exceptionally good year....

To be fair to Mr Market FY18 was an exceptionally good year.
What I personally think the market misses with the business is:

1. How capex light they are (profit = cash earnings). There is essentially no capex required to earn the returns;
2. The ability for LCA to re-invest these earnings into high IRR projects. Sure there are many companies that earn the sort of returns that LCA can generate but not many of them can re-invest those earnings at high rates of return. Which mean they typically have to pay it out as a dividend to keep ROE high over time. LCA has a very long runway so when they retain the earnings and let compounding do the work over the next 5-10 years the shareholder wealth created will be substantial IMO.

As an aside I read the latest 4c report and they are re-investing $4m (which at historic rates creates $4m of shareholder value) in the next quarter alone. I personally don't need the share price to move. Just sit back and enjoy the benefits of compounding with this one.