Wouldn't give it 2 seconds of thought. They just lag their...

Wouldn't give it 2 seconds of thought.

They just lag their 'valuation' in whatever direction the SP is going & add a 'general opinion' factor so its above or below current SP. 

What I would give thought to is the companies valuation. Which personally, I'm having a tough time deriving something I can be confident of. Mostly because; 

1) Acquisition price risk & understanding their statements on it being accretive even with the higher price. I just can't rationalise this & that concerns me.

2) Acquisition into primary care & expansion to pharmacy. Non-core skills. How do I value a company who's major growth strategy is to go & do a 'vaguely similar' business. They're flipping great PH operators but who knows about smaller primary clinics or hundreds of site pharmacies. 

3) Slowing growth making medium term forecasts hard.

It's a different beast managing 300 leases, fitouts & local competitive landscapes than a single 500 bed hospital.

I think without another couple $ of risk off the table I wont be buying.