@CaptainBarnacles
Continued loss of market share in Australia and flat Operating EPS guidance for calendar year 2018 are the likely culprits for the price drop IMHO.
At an EV/[Operating EBITDA] of 14.5, IVC still feels somewhat expensive to me, when top line growth is just about 1.5%-2.0% pa.
For me, the investment case for this type of business lies in the capability of Management to maintain long-term organic revenue growth of at least the compound rate of 1) the death rate and 2) CPI inflation.
If that is no longer the case (primarily because of a prolonged loss in market share), then a re-rating to a lower valuation multiple seems appropriate.
IMHO & DYOR
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