strategic viewpoint on IVC, page-6

Benmorrison, you points are valid concerning the thematics of the industry. But not HOW the market values IVC. The market has permitted IVC is maintain a high PE ratio based on the markets perception that IVC earnings are very defensive and are a 'slow consistent grower', hence the quantum of dividends are also defensive.

This perception has now been blown out of the water and the validity of maintaining a consistently high PE is now being questioned.

Hence I fear the market will downwards re-rate this stock.

Hence the sell opinion.