This fits pretty closely with my thoughts. I believe this is a quality business that shows an excellent ROE and ROC and has delivered consistent growth in earnings and divs. I am keen to increase my exposure as a percentage of my overall portfolio and have been waiting for an re-entry price across the past two years that made sense from a valuation perspective. I'm still waiting, but haven't swung at any pitches. It seems very fully valued at the moment. If we saw a 10% pull back I'd be happy to add somewhere in the mid $16 range.
Whilst I think they are currently very fully valued, I won't be selling any though. When you find a good compounding business, I try to get out of the way and let them compound. GLTAH.
TNE Price at posting:
$18.39 Sentiment: Hold Disclosure: Held
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