This is a great company. They have been consistent and predictable with their returns and earnings. Earnings' growth has slowed slightly over the last ten year, but is predicted to be around 13% per annum looking ahead three to five years.The catch 22, of course, is that the company has almost always sported a P/E ratio well north of the market average and it hasn't been under 20 since 1996. Free cash flow is comparable to reported earnings so there is no case to made that it's cheaper on a cash flow to price basis.Companies like this continue to do well for shareholders until there's a slip in earnings, or something else negative happens, then the market tends to slam them hard.This looks like a good company that seems to be fully priced, which may, or may not, be a good investment based on company performance, the whims of the market, and the macro economic climate. But, not too much room for error in my opinion.kelbon
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