valuation is ridiculous..., page-34

Cannot disagree with your analysis.
This is a financial services company, not many in that sector have such a lofty p/e.
Sovereign risk is huge.
Why would any government allow it the increases in profit margins that its p/e imply?
There are also risks to the business model in changes to the private health rebate[especially with regards to ancilliary cover].
A wholesale change to a USA type system might produce the profits needed to justify the price, but look how well a few baby steps towards that went politically.

Throw in technological advances favouring churning of customers, relatively low barriers to entry, and I have to ask myself , is the accumulated profit[dividends with capital growth] really going to be double the banks and telstra over the next decade?