The funny part about what is going on is that I do not think that I have read any reports from analysts that doubts the quality of the management or their long run growth opportunities and in fact might be the reverse, they more doubt their ability to fund these quality growth opportunities without reducing the dividend. Further their new customer additions would suggest that they have perfected their sales process (and probably why management seems so confident in their growth). I think there is still some work to do re renewal and attrition-reduction strategies. But it would appear that management, probably now based upon considerable experience, is extremely comfortable with their ability to hit growth targets.
To me (and maybe I'm being an optimist) this only confirms for me that this is an excellent LONG TERM INVESTMENT. It is unusual for what may now be perceived to be a growth company to pay this sort of dividend. However, I'm confident that it will sort itself out over the long run. For those of you who take a shorter term view of your investments JE could cause a lot of you to lose a lot of sleep.
The bottom line is that I think many people view this company as having very sound management with significant growth potential which at the end of the day are the critical factors for a good long term investment.