Yes, the Morningstar SP valuation is a joke on FPH. It is embarrassing that they went from $11 to $16.4. What systematic risk review are they talking about? Clearly just made something up to save face. FPH has always been a low risk business.
Their $11 valuation was too low. They failed to update it for a year. It should have been changed to $12 based just on the growth rate of around 10% in NPAT over the year and probably more from a falling NZD/USD.
Safe to say that the SP has significant support around 15.00 NZD and will only go below this on negative news from the company (re-opening of cases with Resmed for example (very unlikely)) or a broad market sell-off like we had in December 2018.
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