no doubt some will peck away at your numbers but these two paragraphs are completely bang on....especially the last sentence.   thanks for a great post.



The alternative scenario is that the share prices languishes indefinitely, in spite of strong growth.  I believe there is a perception in the market that the company is run by wheeler-dealers who will always think of something tricky to do with the profits.  Personally I am impressed by the real growth that has been achieved, but clearly the market is not.  I think we need a payout for the market to believe that the growth and the profits are real.

Some people have argued that normally, only big, steady-state companies pay dividends, while growth companies need every penny of cash flow to finance their growth.  This is not true of EDV, whose cash flow is already in excess of what is needed to finance the growth plans.  In normal times, the cash flow would translate into share price appreciation, or buyout offers at high multiples, so shareholders would get their due that way.  In these abnormal times, we need a different strategy.