We continue to argue that one of the more attractive features of the stock currently is the likely prospect of continued increases in shareholder distributions as RMD could finish FY26 with close to $1bn of net cash while continuing to execute well in attractive markets, both currently and into the medium term. J P M O R G A N RMD trades on a FCF yield of 5.5% (vs. ASX 200 on 3.9%) and at 18.2x NTM P/E for +11% EPS CAGR (FY26-28E), vs. the sector on 20.2x for +10%. Reiterate Overweight. Asia Pacific Equity ...