SMH today:
Brokerage firm Invast Australia put a potential target share price of just $30 on Flight Centre and a "sell" call on the stock after a recent strong run in its price. "The company's financial position is positive, however, it price-to-book ratio does highlight some over-valuation."
....what do you expect from a CFD/FX shop....it looks at P/B in isolation as a sell signal???....sorry FX boys, companies that are adapting to a newer economy with multiple channels (online and bricks and mortar) and a focus on IP is less capital intensive and WILL have a higher P/B.
Its also on a cash adjusted PE of 13x and has an RoE in excess of 22% and no net debt !
"RoE put a potential target share price of $45 on Flight centre and a 'buy" call on the stock."
Acquisition rumors, page-12
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