I have just gone through the AR in more detail and run the...

I have just gone through the AR in more detail and run the figures through my spreadsheet and I am getting an IV in the range of $2+ based on those results and factoring in low growth going forward.

Hopefully they pay down the debt fairly quickly, another company where I would have preferred to see no increase in divvies and more debt paid down, but the australian obsession with yield makes that unpopular!