re: all time high
Growth at reasonable price. You get in at a cheap price for the growth in earnings of the company and then watch the PE expand later to reflect that when the market re-rates it. You get the growth in earnings plus the PE expansion.
I'm happy with the report. Earnings grew 22% despite the costs taken to expand the business. Real growth should start to happen next year. IPF is a good business. Now expanding to NZ & HK. Div payout increase shows confidence in future growth by the management.
