CTD has tended to be a high PE stock. Over the past eight years its average PE high has been 38.9 and its average PE low has been 19.75. The midpoint of these is a PE of 29.3. Applying that to today's underlying earnings of 63.3 cents per share gives a price of $18.54 per share. That's backwards looking but roughly around where the stock is trading. Looking forward, which the market tends to focus on, the guidance is for a 55% to 87% rise in Profit Before Tax stripping out abnormals. Taking the midpoint, guiding for a 71% increase, gets you an eps of 108.2 for FY24 (assuming tax at a similar level as for FY23). Based on a share price of $18.17 (the price as I write) gives a forward PE of 16.8, well below its long term average low of 19.75. We are all surprised by the market sometimes. Be interesting to see what happens in the next few days.
CTD Price at posting:
$18.27 Sentiment: Buy Disclosure: Held
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