The high PE reflects IVC's near monopoly position and the...

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    The high PE reflects IVC's near monopoly position and the business that it is in. About 18 months ago IVC acquired Bledisloe and I think they financed the purchase via debt. If that is so then their lender would have had a look at their banking covenants, headroom and security. My guess is that both parties did OK and we got Bledisloe as a consequence.
 
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