Sort of, the non-growth PE ratio depends on the bond rate. Any...

Sort of, the non-growth PE ratio depends on the bond rate. Any business in a steady state (ie no growth in profits) is very similar to a bond. Of course people put more trust in a govt bond so they have a higher PE (= lower yield). I think everyone agrees that TOX is still trading below its steady state value (assuming that they can maintain the profit for the last 6 months into the future). Let's wait for the sp to hit the steady state value (ie PE 10-12) and then worry about the growth.

hatless