Because the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.
The market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
I believe fair value is circa 7-9x FY20e revenue based on the scale, gross margin and the growth trajectory of the business for a market cap of ~$4.55B to ~$5.85B AUD, equating to a fair value share price range of $37 to $48 per share.
The markets are not perfectly efficient in the short term, but they are in the long term.
T.E.P.
$34.10 average price target ++, page-5
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Last
47.5¢ |
Change
-0.025(5.00%) |
Mkt cap ! $105.9M | |||
| Open | High | Low | Value | Volume |
| 50.5¢ | 50.5¢ | 47.0¢ | $1.575M | 3.286M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 56376 | 47.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 48.0¢ | 10207 | 2 |
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| Last trade - 16.10pm 18/07/2024 (20 minute delay) ? |
| APX (ASX) Chart |