Fair points re bear market but in my experience that’s a great time to fill your boots with quality stocks.
With regards to your PE calculation. The FY is almost finished so it’s more appropriate to look at this on FY23 earnings.
Consensus EPS estimates are $1.86. On say a $31.50 SP that gives me a PE of 17x. That’s sitting at two standard deviations below the LT historical average, so on weight of numbers that’s a great place to be buying - IMO.
Finally, we’ve spent maybe $70m of $500m of the buyback. That’s a lot of fire power left to support the SP.
While it’s almost impossible to pick any bottoms I typically buy in tranches. Will get my next lot under $31 then at $30 etc. More than happy to dollar cost average here.
Will it go lower, who knows but I’m happy at this level based on the information I have.
Ann: Update - Notification of buy-back - ALL, page-7
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$48.99 |
Change
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Mkt cap ! $30.96B | |||
| Open | High | Low | Value | Volume |
| $49.25 | $49.70 | $48.80 | $20.61M | 420.6K |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 144 | $48.99 |
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| Price($) | Vol. | No. |
|---|---|---|
| $49.00 | 488 | 12 |
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