I wouldn't short it because it's too hard to get the timing right, as i believe it will see $40 this year. However i tend to agree with Mike's overall sentiments, in that it will be more difficult from here. If they hadn't have picked up Coles the stock would already be above $50. It's crimped the ROE.
Also masters is a new entrant in a space WES has dominated with bunnings a long time, and anecdotal evidence (my tradie mates telling me it's good) is that it will compete. WOW also has a superior position in liquor division, which is plain to see for anyone who's been into a Dan Murphy's, the offering is far superior in terms of range, prices and service.
To me it's not a buy @ current prices, though i can envision it wouldn't surprise if it went to mid 40's. I also agree with fibon in that it is well managed, with the exception of paying too much for Coles initially, WES hires only the cream of the crop. Think Phd commerce and econ students and they have good internal professional development and education in place.
WES Price at posting:
$38.14 Sentiment: Hold Disclosure: Held
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