In preparation for the Deep Dive with @Strawman I've done a valuation for ARB. Sticking with my 'Don't be so Pessimistic' theme for today, I've gone with the positive valuation, using McNivens, a 8% target return and a 5.5% growth rate to get $27.20. I'm reasonably happy with that as it is below the Morningstar 'Fair Value', and well below the record price highs.

At a more rigorous 10% return and 6% growth rate I only get $17.00. While my 6% dividend before franking credits model (patent pending) I only get $11.33.