I'm reading it as around a 20% drop in revenue for Fy25. Often drop in bottom line can be more accentuated. It's hard to say what this should be trading at. If long term growth resumes, then long term margins should be assumed with long term growth of high single digits which would put the Sp much higher than today. But if one takes a conservative approach and prices this for ~70% of EBIT in Fy25vs FY24 and allow for no growth in the next few years, the SP would be far far lower than $14. In my experience the market can do either - look at the rosy side or look at the worst case. There's no way of knowing where the SP will go so I'm holding on tight.
If the SP gets to a PE of 20 on FY23 EPS I will be sure to top up. That equates to a SP of $11.
IEL Price at posting:
$14.06 Sentiment: Hold Disclosure: Held
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