Just noticed your post, semi retired. I think what is going on...

Just noticed your post, semi retired. I think what is going on is increasing market realisation that GMG is a very well managed company, with a strong and sustainable business model, and in a market demonstrating a very strong outlook. It is also able to reinvest profits in growth projects to ensure that both EPS and DPS continue to grow well.

I pay a lot more attention now to a company's business model and market dynamics than I used to, after learning the hard way that even a company with strong financials will be hammered if their business model has problems (e.g. RFG) or if the market they are in is running against them (e.g. the banks, AMP and TLS).

Given the very high levels of growth expected in on-line retailing and associated logistics and fulfilment, a systemic shortage of modern high-tech warehouses will exist for many years to come. GMG will be a beneficiary of that. I therefore prefer to see a low distribution payout with high reinvestment for future growth. My best performers are those that have a lower payout and can grow well over a long period.

If competitors with quality locations and properties get into any financial difficulty in the future, GMG is ideally placed, due to its low gearing levels, to make a good acquisition at a good price, and it is this that could turbo charge EPS and DPS over and above the 7-8% pa growth consistently achieved by GMG.