Offloaded the last of my holdings a few weeks ago at a price in the high $5's.
Now looking at intelligent long term re-entry points.
I am think of around $4-$4.50 to slowly re-enter the position.
Consensus FY23 EPS is around 42c a share, I notice that this would still represent roughly 20% earnings growth against pre covid FY19 EPS of 35c
Average PE multiple pre covid around 10-11 times.
42c x 10 PE = $4.20 42c x 11 PE = $4.60
Rough rough back of the envelope calculations, but give a rough basis to take a 1st position, from which I can dollar average downwards intelligently if the market gives me the opportunity.
So start buying somewhere $4.00 - $4.50 and gradually buy down to $3 (which was their price back in 2018) Main reason why share price could drop back to $3's is if the FY23 earnings forecast is too glossy and actual FY23 EPS gravitates closer to 35c, thereby reducing the PE multiple price.
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