Peter The expected modest growth is for the first half only...

Peter
The expected modest growth is for the first half only which is pretty good considering masters impact. With the expectation of a stronger second half. the stock is trading on a PE of 10, doesn't not reflect quality of the business and earnings growth so far . That PE is very low for a stock which has exhibited such stable earnings and profit growth and will see costs fall over the next 1-2 years.

I have accumulated a sizeable position and I remain comfortable this will do well on a total return basis within the next 2 years