Well, good points, and I am buying slowly with a multi year view. I'm not that concerned about PE contraction over the low term, and I don't think rates will end up that high, so the mid 30s is probably where it will land medium term. Might be wrong, we will see.
However, an outrageous PE of 60 like last year, probably in the past now, although the brokers aren't there yet if you look at price targets.
I think the Aus property market place side of things is more or less bullet proof, so you'd have to pretty silly to mess those strengths up. However, would be open to hearing any disintermediation threat theories. Because it ain't coming from Domain as they've had years to make a dent and struggled.
The Indian and other investments is another story, although with the cash being spun off Aus they won't be short of resources to make it work. The jury is out on the capital allocation abilities. Going to be a multi, multi year judgement period.
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