Ann: Quarterly Activities & Cashflow Report - September 2019, page-35

TBR has a PE of 9.6 (it's sister RND has an unbelievable PE of 2.1). NST is grossly overvalued with a PE of 41.5, and EVN's PE is at 27.2.

Stay with the fundamentals (of profit), if TBR dips it is purely due to the small volume of trading stock. Billis runs a very tight ship and no-one wins more than him with a strong SP, which means the shareholders win also.

One quarterly report will make no difference. NST and EVN won't exit - TBR is probably their best investment! I'm sure if they wanted out TBR would (again) have a share buy-back scheme to take them out. While the likes of NST continue to capital raise and dilute shareholders - TBR want's less shares on issue to strengthen shareholders.

The only report that really matters is the Balance sheet - debt free and full of cash.