I am looking at the latest financials for this company for a...

I am looking at the latest financials for this company for a friend. Whilst I do a decent amount of investing I have never been tempted by this sort of company. My take is it is a CPI business ie growth is limited to CPI (less div payout so around 1% pa). Whilst it has possible upside from the skincare its a relatively small part of the overall group. I don't understand how they pay their pharmacists. Typically a pharmacy is only that because there's someone behind the counter mixing powder. Those people spend many years at university - are they on a wage? I would have thought they'd want a profit share? Also my sense is this business is highly susceptible to internet (amazon) leakage and new entities such as Haven in the US. All this and they are increasing the dividend payout ratio which suggests they can't use the capital. So who spends $4bn in their pharmacies? I suspect is our older folks that like to see a face when they buy their meds and they spend a couple of bucks on incidentals while they are there. Am I missing something? Is there a growth story in here somewhere?