Hi marmaduke, great to see a bit of discussion on FPS since I...

Hi marmaduke, great to see a bit of discussion on FPS since I have been accumulating for the past 11 months. I think you've assisted in getting things moving!
I note in your valuation you assumed 1% growth in cash flow. I know you are trying to be conservative however, considering they've had 4.5% FUMA growth pa since 2006 (which includes the GFC) I think you could easily up the rate a bit.
Considering FPS is a 'stockmarket stock' that will swing from extreme overvaluation in a bull market to undervaluation in a bear, I think we could see 100% upside over the next 12-18 months, half of that coming from EPS growth and half from PE expansion