Sales up each and every year - see below. Book value has grown...

Sales up each and every year - see below.

Book value has grown each and every year.

Net profit before abnormals has grown nearly every year.

Return on equity on par with many of the best run companies on the ASX.

Dividend payout ratio between 40-75%

Little share dilution over the past 10 years.

Director salaries and wages actually appear reasonable and all directors have some level of skin in the game.

I am not quite sure where the problem actually lies here slc4me.

SirKnight

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
0	$Millions		06/07	06/08	06/09	06/10	06/11	06/12	06/13	06/14	06/15	06/16
1	Sales $/Sh		10.8	13.53	15.75	17.97	19.89	21.07	22.68	24.47	26.15	27.51
2	Cash Flow ¢/Sh		58.3	72.9	97.4	123.6	68.2	152.8	62.3	83.6	161.9	88.1
3	NTA $/Sh		1.15	1.4	1.53	1.98	2.04	2.63	4.34	4.17	4.67	4.69
4	Earnings Pre-Abnormals ¢/Sh		47.3	63.9	72.6	89.1	61.5	83.2	73.6	74.6	60.8	92.3
5	Dividends ¢/Sh		31	48	55	67	31	33.5	37	30	30	44
6	Franking %		100	100	100	100	100	100	100	100	100	100
7	Capital Spending ¢/Sh		-48	-58.1	-66.4	-114.4	-64.7	-59.1	-100.6	-108.9	-59.2	-57.6
8	Book Value $/Sh		1.15	1.4	1.53	1.98	2.04	2.63	4.34	4.17	4.67	4.69
9	Shares Outstanding M		25.6	25.7	25.8	26	26	26.1	28.8	28.8	28.8	28.8
10	Market Cap $M		324	244	303	408	303	239	495	251	155	352
11	Avg Annual P/E Ratio x		20.1	18.7	14.1	16	23.6	12.9	19.5	19	12.3	11.4
12	Relative P/E x		137.4	118.6	128.4	125.9	176.7	103.3	142.5	129.4	78	67.7
13	Dividend Yield %		3.3	4	5.4	4.7	2.1	3.1	2.6	2.1	4	4.2
14	Operating Margin %		8.3	8.9	8.7	8.8	7.1	8.4	7.1	6.6	5.8	6.8
15	Income Tax Rate %		30.6	30.1	29.7	25.7	28.9	29.7	29.2	29.8	29.5	29.4
16	Net Profit Margin %		4.4	4.7	4.6	5	3.1	4	3.2	3	2.3	3.4
17	Net Gearing %		5.8	23.9	34.2	52.4	74	32.6	0.1	15.1	-4	-2.3
18	Net Interest Cover x		33.5	28.7	21.5	25.1	8	11.5	15.7	22.7	17	61.8
19	Return on Assets %		18.7	20.1	20.8	18.1	12	15.1	11	10.2	8.2	11.8
20	Return on Capital %		40	43.2	47.2	35.4	32.1	29.9	17.1	17	12.7	20.2
21	Return on Equity %		41.7	46.3	48.1	45.3	30.5	32	16	18	13.1	19.8
22	Payout Ratio %		65.5	7.1	75.8	75.2	50.4	40.3	50.3	40.2	49.4	47.7
23	Total Return %		116	-21.9	29.4	39.6	-23.2	-19.2	93.3	-47.8	-36.4	135.3
24	+/- Market %		85.6	-9.8	51.5	25.8	-35.4	-12.2	72.7	-65.5	-42.1	133.3