I think you need to look at the result more carefully.This was a...

I think you need to look at the result more carefully.

This was a half year result not a full year result

The result is 40:60% weighted to second half due to the nature of the businessess nothing more.

The decline in revenues reflects the merger of the AAV DVD business with Regency DVD business resulting in the current revenues only representing 51% of the business on pcp.

The margins increased across all businesses.

EPS increased 40% on pcp as you have to adjust for the additional shares that were added to acquired the new businesses (and earnings).

FY03 shares were 58m
FY04 sgares are 82m

I'll let you do the maths.

Annulaised dividends likely to be close to 12-13 cents which equates to a 5.2% fully franked yield with 20-25% growth on a PER of 9.8x (Not 22x).

In addition to the PER there is a significant amount of accelerated depreciation included in the EPS which should be normalised given capex is running well below these levels. On that basis the stock is trading on about an 8.5x PER

However ignoring all of the above I think you should sell if you own it so I can buy more of this jewel