Ann: Interim Results Announcement-APO.AX, page-20

It's held up fairly well on a treacherous day (so far). A little bit surprising given the trend leading into today's market meltdown.

Agree there must be a lot of churn across the insto shareholder base. In the 15 trading days since the results we've seen 41% of the register turned over. Granted a fair amount of that is likely to be the same stock churning across short term traders, but it's still very high cumulative volume. Like you say it suggests position exits from some big holders.

Here's some valuation metrics to chew over. Before the big fall APO was trading up near the giants of online media. This wasn't really justified (imo) because you can see in the table that whilst growth is similar across these names, the margin differential is quite extreme. However, a price of $5.50-6.00 would be sensible if you assume REA, CAR, SEK are trading near fair values.