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Excellent set of numbers in FY17 with NPAT up 56% to $25.5M (most financial metrics showed very good improvement). The reason to like and invest into BLA is its track record and returns with returns since inception coming in at impressive 15.9% (net of fees). That deserves a premium rating however trading at 26x FY17 earnings valuation is stretched. Still a very good company (investing in essential services and products in private markets) delivering to shareholders, hence it’s trading where its trading, but for us (the risks are high as market conditions are ever changing and out of the company’s control) the current valuation is not attractive enough.

Still, we like what the company is doing and its strategy so I’d be a happy holder in a fairly unique company with a positive outlook (no guidance given).

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