the company / fair value

had a more detailed look at the company and , the following are some of my thoughts .......

the board and md. chris Sutherland, from the 2016 report appear to be forward looking with the acquisition of skilled and the introduction "one shift" the on line recruitment business......health and safety and gender equality are also front and centre of there policies.........

the cross promotion of programmed's now broader offering of services must increase business over time, plus the efficiencies of scale being another bonus......... it will be another 12 months before their entire systems have been integrated , so more efficiencies there......"one shift'' over time should be another winner.....

the company has been going a long time - 60 years, and its earnings over the last 10 years have been relatively stable  considering the mining boom and bust, and financial turmoil that there has been over that period...... I see programmed as a company suitable for a relatively safe long term investment with regular strong dividends.....it has also shown its desire to implement growth as the opportunities arise.......

with the current pe at 7.8 times and the average pe over 10 years at 10.86, it means programmed's price would have to rise 1.4 times to achieve fair value of $2.31 ........

I would normally add more to the ave. pe to allow for this period of low interest rate, but given the likelihood of slightly lower full time employment for a few years yet I have just left the av. pe as it is........

also, the market has now probably had time to digest the financial details of the report with regard amortizations etc.  ........ so I am now back in again......