That's a good thing.
Many got burnt last time (when they were on the wrong side of a price correction - to where the stock should have been), no reason it won't happen again in the short-to-medium term.
They'll also make some money on days like today, and that is fine by me. But personally if I was looking at this for an investment with a timeframe greater than a month I couldn't justify any position other than long.
The P/E on this at the moment is insane. We'll probably end up somewhere around 7 when the full-year results are out - but reality is that more than half of the earnings are likely to have come from the last third of the financial year (March-June). How long it lasts is the obvious question - but it has actually improved from the March/April position - so even if it goes back to that I think the forward PE would be around 5 or 6 (haven't run numbers on that so DYOR).
Peers are between 12 and 15 P/E.
That's a good thing.Many got burnt last time (when they were on...
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Last
$22.10 |
Change
0.100(0.45%) |
Mkt cap ! $68.04B | |||
| Open | High | Low | Value | Volume |
| $21.99 | $22.22 | $21.87 | $84.79M | 3.834M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 9803 | $22.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.11 | 10620 | 3 |
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| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |