I went in strong on this weakness and picked up aprox 90,000 shares around $12.05 average.
Seek has rewarded me previously when it crashed from $12 to $8.70 (couple of years ago), I bought in on that weakness. I see this most recent crash from $18 to $12 as a similar scenario. Buying a gem on weakness here.
The market has completely mis priced this stock at a p/e of circa 15. For a tech stock with real growth prospects and a decent dividend, it won't remain at these levels for long. We also have strong technical support around current levels.
The forward P/E is around 15, now lets remember the LOWEST p/e Seek has traded on since listing is around 12 !
Not far from value here, $10 to $12 is bargain buying. If you look at the history of the stock, the deep pullbacks have been met with large bullish legs to new highs, this time I expect the same.
True growth, high operating margins, not many of these around.
regards
A Y L
SEK Price at posting:
$11.89 Sentiment: Buy Disclosure: Held
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