@raymon68 it's a tough business - no sooner do you deliver a great result, than the market is looking forward whether there is growth from today. But of course, you can't guide to that because of the random component in big lottery wins. Mike refers to this in the call - not quite in these words.

So the way I think about this business is to take a step back from the annual result and build my view on long-run mutli-year evolution of revenues and margins.

Depending on your view on long term value then, yes, days like today can offer real opportunity. This is a long-term compounder with great management. There is still more to come in building the international businesses, and I am really pleased that Mike walked away when the seller upped the price! (Capital Discipline is a big green flag for me.)

I have a modest RL positon of 3.3%. I'm not sure if I'll add more, because I am eyeing other opportunities. But then again, if the market gets grumpy enough, I wouldn't take much persuasion.

But in any event, a nice strongly growing dividend as well as long term capital growth.

Disc: Held in RL and SM

P.S. I'll keep encouraging the Missus to buy those large Powerballs ... so I'm doing my bit for FY25!