A Quality Flywheel at a Value Multiple
- ~5.5× EBIT, ~7× P/E
- ~12% 10-yr EPS CAGR (with generous dividends)
- ROCE: >20% ex-goodwill; >15% incl.
- Resilient business with maximum peak-to-trough sales drawdown <10% (even in GFC)
- 25+ years of profits; supply-constrained industry
- Owner-operator; outstanding capital allocation
