Leverage RatioA new buyback program and a special dividend could move ALL to a leverage ratio of 0.5x, showing progress towards medium-term target.
Payout RatioGiven the shift in the group's earnings profile to a greater proportion of recurring income, a payout ratio higher than the current ~30% is justified.
Trading ValuationDespite strong trading since its FY24 result, further upside is expected, noting its PER discount to 'high growth' ASX names.