Morningstars Analysis of GYG and IPO price, page-153

I think GYG is a good business (or its segment), but I think that is fair to assume that to make money from here (at a 3.7BN valuation) GYG needs to exceed all expectations for many years to justify the current price, let alone to see some return on capital invested here. I am not saying it isn't going to happen, but it seems like a risky bet to make when other parts of the market (particularly healthcare/biotech) which have similar growth don't trade on insane valuations and those businesses tend to have real moats/competitive advantage outside of a brand. We all know consumers are fickle and markets outside of Australia there is much more competition, with lower margins.