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    captain

    i appreciate your "homegrown" and "folksy" analysis style- i appear to be guilty of it myself at times!

    however, your statement of "a business of revenue of $1 b should surely bring at least $1 b "- that is a rough guide for "normal" businesses where a profit margin in excess of 12% may apply and hence would sell at 8 to 12 times profit ( varies of course ) and hence over $1 b!

    elders rural has slim margins and also is an "agent" in the rural sector so some of their "turnover" may well be where they only book 4-5% of it as income- i am not sure of how it appears in their accounts! i would have thought they should only book their commission in their accounts and not the principal value but i see some debate about it on this thread!

    disclosure - sold pa shares near $40
 
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