Ann: PME Full year results, page-15

Interesting analysis and yes the shares do look expensive.

however, from my rough calculations, if PME grows at 40% compound and maintains the current price, it will be on a p/e of 33.3 in 2026 (4 years). By contrast and my quick analysis, CSL has grown earnings by an average of 11.5% over the last 5 years. CSL is currently on a p/e of 42.5 (assuming US exchange rate of 70c). If it maintains that growth over the next 4 years, that would put it on a p/e of 27. If we go out to five years then PME drops to 23.8 while CSL drops to 24.1.

Of course this is all conjecture and yes, you are right to say that there are plenty of things that can go wrong - with any share.

Would love to get PME at much lower P/e but that my just be wishful thinking.