Onyx,Don't think the market has a clue really on valuation.Just...

Onyx,

Don't think the market has a clue really on valuation.
Just keeping core holdings and trading the ranges for now.
Great div with ffr tax credits I must say.
I would say going forward with 80% payout ratio earnings growth might be in the order of 10 - 15% so CG would have limited upside.
Taking profits/shares * 15% growth the figure is around 1.57 eofy 2011.
As the market is in CG mode ATM I see opportunities here and trade likewise.

P. Just my view. A buyback would do wonders for the SP as debt levels are non existent and re investing would seem a prudent move.