Again, at macro level, both companies and the general market...

Again, at macro level, both companies and the general market roll through PE cycles according to the individual sentiment about the stock or across the market.

Not too long ago BLX was trading at $1.80 and based on 23Y earnings, was on a PE of 8 and looking ridiculously cheap.

Now with first half earnings of 8c, or 16c annualised, at a share price of $2.80 it is suddenly on a PE of 17. And with earnings growth looking quite difficult, looking very full priced. The market is super bullish so BLX might go even higher, but a PE of 14 or 15 is about par for BLX.

As said I am a long termer here, and wont be selling. But I feel management are not really that focussed on the share price. With dividend reinvestment schemes resulting in the issue of new shares, and by play into property development sucking up cash, their capital management is not the best IMO.

Gosouth